Refer to the graph shown. If this monopolist sets the price to maximize profit, it will earn economic profit of:
A. $2,400 per day.
B. $1,600 per day.
C. $7,200 per day.
D. $4,800 per day.
Answer: A
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What will be an ideal response?
An individual's labor supply curve
A. Slopes downward initially, and then may bend upward. B. Always slopes downward. C. Slopes upward initially, and then may bend backward. D. Always slopes upward.
Refer to the accompanying table. To increase output from 33 to 66 units requires ________ extra employee(s) per day; to increase output from 66 to 99 units requires ________ extra employee(s) per day.Output Per DayNumber of Employees Per Day00331662994132716511
A. 1; 2 B. 2; 4 C. 1; 1 D. 2; 1
The formula for MC is
A) TVC/q. B) q/TVC. C) ?TVC/q. D) ?TVC/?q.