Suppose the accompanying table describes the demand for a good produced by monopolist. PriceQuantity$101$92$83$74$65$56$47The total revenue from selling 6 units is ________, and the marginal revenue of selling the 6th unit is ________.
A. $24; $5
B. $30; $1
C. $5; 5
D. $30; 0
Answer: D
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Refer to Figure 13-13. Economies of scale are exhausted at which output level?
A) Q1 units B) Q2 units C) Q3 units D) more than Q1 units
Vault cash is equal to $2 million, deposits by depository institutions at the central bank are $1 million, the monetary base is $15 million, and bank deposits are $30 million. Bank reserves are equal to
A) $2 million. B) $3 million. C) $5 million. D) $10 million.
When diminishing marginal returns set in, marginal product is
a. positive and increasing b. positive and decreasing c. negative and increasing d. negative and decreasing e. zero
Nondiscriminating monopoly is similar to perfect competition in that
a. they have the same level of barriers to entry b. they have a similar number of firms in the industry c. the demand curve facing the firm is perfectly elastic for both d. price equals marginal revenue for both e. price equals average revenue for both