When a monopolist sells two units of output its total revenue is $600. When a monopolist sells three units of output its total revenue is $630. When the monopolist sells three units of output, the price per unit is
A. $210.
B. $230.
C. $300.
D. $630.
Answer: A
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Which of the following will shift the production possibilities curve outward?
a. a hurricane that destroys buildings throughout Florida b. an increase in the capacity utilization of existing factories c. an increase in the unemployment rate d. a decrease in the market price of both goods
Refer to the information. Average fixed cost is:
Answer the question on the basis of the following information:
Which of the following best describes the short-run supply curve for an individual perfectly competitive firm?
A) It is the firm's marginal cost curve. B) It is the upward-sloping part of the firm's marginal cost curve. C) It is the vertical axis at prices less than minimum average variable cost and is the firm's marginal cost curve at prices above minimum average variable cost. D) It is the vertical axis at prices less than minimum average total cost and is the firm's marginal cost curve at prices above minimum average total cost.
________ describes the relationship between consumption spending and disposable income
A) The liquidity trap B) The consumption function C) Household wealth D) The paradox of thrift