Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What price does KGC charge per unit when it sells 5,000 cubic years of concrete per year?
A. $12.50
B. $25.00
C. $37.50
D. $50.00
C. $37.50
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When a single individual performs all the steps involved in the production process he/she incurs:
a. the costs of labor division. b. the costs of being a generalist. c. the cost of specialization. d. the costs of over-utilization of resources.
Specialization in production
a. raises productivity. b. requires money. c. stimulates exchange. d. All of the above are correct.
Which of the following statements best depicts laypeople's explanation of the Great Depression at that time?
A. Unions were keeping the good jobs for themselves. B. An oversupply of goods had glutted the market. C. Government policies kept prices too high. D. An oversupply of goods is impossible.
Empirical studies suggest that when a large number of firms are present in a market, prices are usually ________ and profits are usually ________ than when there are only a few firms in a market.
A. lower; higher B. lower; lower C. higher; higher D. higher; lower