Suppose the accompanying table describes the demand for a good produced by monopolist. PriceQuantity$101$92$83$74$65$56$47The monopolist's total revenue from selling 3 units is ________, and the monopolist's marginal revenue from selling the 3rd unit is ________.
A. $52; 1
B. $24; 6
C. $24; 8
D. $28; 8
Answer: B
You might also like to view...
Some nonprice determinants of demand are:
A. consumer preferences, expectations of future prices, and the number of buyers in the market. B. consumer preferences, the price of the good, and incomes. C. incomes, expectations of future prices, and the number of sellers in the market. D. prices of related goods, knowledge of past prices, and the number of buyers in the market.
If every individual earned the same total income over his or her lifetime, there would still be observed inequality because: a. people earn more in their youth
b. people earn more in middle age. c. people earn more when they are very old. d. of none of the above.
Lower real interest rates
a. tend to shift the consumption function upward. b. have no significant effect on consumption. c. tend to shift the consumption function downward. d. tend to move the consumer upward along the consumption function.
If the instrumental variable estimator has an upward bias, the ordinary least square estimator always has a downward bias.
Answer the following statement true (T) or false (F)