Refer to the above table. Given the demand and cost schedules, what are the maximized economic profits for this monopolist?
A) $122
B) $152
C) $220
D) $150
B
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The "perfect information" assumption of perfect competition includes all of the following except one. Which one?
A) Consumers know their preferences. B) Consumers know their income levels. C) Consumers know the prices available. D) Consumers can anticipate price changes. E) Firms know their costs, prices and technology.
Which of the following markets is more likely to be local in nature?
a. automobiles b. television sets c. jewelry d. clothing e. potato chips
Two years ago Darryl put $3,000 into an account paying 3 percent interest. How much does he have in the account today?
a. $3,180.00 b. $3,182.70 c. $3,183.62 d. None of the above are correct to the nearest cent.
Refer to the information provided in Figure 13.11 below to answer the question(s) that follow.
Figure 13.11Refer to Figure 13.11. Suppose a monopolist faces the demand and costs in the figure and is able to perfectly price discriminate. If the monopoly supplies 400 widgets, it will
A. earn a profit, but less than it would earn if it produced 500 widgets. B. maximize profits. C. suffer an economic loss. D. break even.