Suppose the accompanying figure illustrates the demand curve facing a monopolist.
If the monopolist decreases its price from $12 to $10, its total revenue will ________.
A. increase by $1,000
B. decrease by $1,000
C. decrease by $600
D. increase by $600
Answer: D
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Describe the circular flow of the economy by discussing the two markets where households and firms meet
What will be an ideal response?
A single-price monopoly's demand curve lies
A) below its marginal revenue curve. B) on top of its marginal revenue curve. C) above its marginal revenue curve. D) on top of its total revenue curve.
Answer the question based on the table below.PriceQuantityTFCTVC$55$25$10510252051525505202560At what point on the table would a purely competitive firm cover all of its costs and earn only normal profits?
A. Q = 5 B. Q = 10 C. Q = 20 D. Q = 15
A firm will hire a unit of input only if its
A. marginal physical product and marginal revenue product are positive. B. marginal physical product and marginal revenue product are negative. C. marginal physical product is positive and whose marginal revenue product is negative. D. marginal physical product is negative and whose marginal revenue product is positive.