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Why does a firm with a monopoly set price to be equal to marginal cost?

First, is important to note that a firm that has a monopoly has the ability to set its own price since there is no other competitors in the market. In addition, in economics, we typically assume that all ...

RD
Answered by Robert D. Economics tutor
4802 Views

How should I structure a response? (For example, 'Explain the thought experiment of Mary and the black-and-white room')

The first priority when answering any question, especially in philosophy and exams with limited time, is to look directly at what the question requires you to do, in the case of the example above, exp...

EG
2366 Views

Solve the equation: x^2 - 9x + 20 = 0

This is a quadratic equation, and is likely that x can satisfy either of two values. We know these must multiply to form 20 and summate to -9, and thus they are (x-4) and (x-5). Hence, x is either 4 or 5....

PM
Answered by Pippa M. Maths tutor
6933 Views

Describe and explain the reactivity trend of the Group 2 elements

The group 2 elements become more reactive down the group. This is because the atomic radius increases down the group as there are more energy levels. There is also more shielding from inner energy levels ...

LE
Answered by Libby E. Chemistry tutor
6350 Views

State and explain the tests necessary to positively identify an unknown sample as copper carbonate

If portion of the unknown were to be placed in a blue Bunsen flame, a green-blue flame would appear. This indicates the presence of copper. If a portion of the unknown were to be added to dilute hydrochlo...

MS
Answered by Matthew S. Chemistry tutor
5982 Views

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