You are the manager of a monopoly that faces a demand curve described by P = 63 ? 5Q. Your costs are C = 10 + 3Q. The profit-maximizing price is:
A. 55.
B. 33.
C. 27.
D. 20.
Answer: B
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The minimum wage has its greatest impact on the market for
a. female labor. b. older labor. c. black labor. d. teenage labor.
Henry George advocated a single tax on:
A. real capital. B. entrepreneurial profits. C. land. D. labor income.
Last year you purchased 20 USBs at $12 a piece, 10 shirts at $15 each, and 5 sweaters at $30 each (total spending equals $540). This year you buy 18 USBs at $15 each, 10 shirts at $16 each, and 6 sweaters at $36 each (total spending equals $640). If last year's index was 100, this year's index
A. is 83.6. B. is 119.6. C. is 118.5. D. is 30.
To engage in economic reasoning, one must compare:
A. marginal cost, sunk cost, and total benefit. B. total cost and total benefit. C. marginal cost and marginal benefit. D. sunk cost and marginal cost.