Exhibit 8-5 Demand and cost data for a monopolist
Price
Quantity
TR
MR
TC
Profit
$10
1
10
10
4
9
2
8
8
3
12
7
4
16
6
5
20
5
6
24
4
7
28
3
8
32
2
9
36
1
10
40
By calculating the data provided in Exhibit 8-5, how much is the profit if the firm decides to produce 7 units?
A. 0.
B. 24.
C. 16.
D. 12.
Answer: A
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A) They do not realize the benefit of cooperation. B) Players strive to minimize their opponents' profits. C) Players do not understand the game and its payoffs. D) It is not in each player's self-interest to cooperate. E) Players understand the game but they do not know which action(s) will benefit their joint interest.
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A. Infrastructure development. B. An increase in the reserve requirement. C. A reduction in government spending. D. Reductions in marginal tax rates for corporations and households.
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A. The U.S. population is larger but works in capital-intensive jobs. B. The U.S. population is smaller but works in capital-intensive jobs. C. The U.S. population is larger but works in labor-intensive jobs. D. The U.S. population is smaller but works in labor-intensive jobs.
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