Refer to the information provided in Table 13.1 below to answer the question(s) that follow. Table 13.1Price ($)Quantity4.002,0003.502,4003.002,8002.503,2002.003,6001.504,0001.004,400Refer to Table 13.1. If a monopoly faces the demand schedule given in the table, what is its marginal revenue from the 4,000th unit it sells?
A. -$3
B. $1.50
C. $3
D. $1,200
Answer: A
You might also like to view...
Which of the following benefits from a quota or VER?
A) domestic producers B) the government C) consumers D) all of the above
If demand is inelastic, the absolute value of the price elasticity of demand is
A) less than one. B) greater than one. C) one. D) greater than the absolute value of the slope of the demand curve.
What is export promotion? Give a few examples of countries that have tried it
What will be an ideal response?
According to rational expectations
A) expectations of inflation are viewed as being an average of past inflation rates. B) expectations of inflation are viewed as being an average of expected future inflation rates. C) expectations formation indicates that changes in expectations occur slowly over time as past data change. D) expectations will not differ from optimal forecasts using all available information.