Use the following to answer questions 1 through 4: 1. If the monopolist seeks to

Question

Use the following to answer questions 1 through 4:

1. If the monopolist seeks to maximize profit, it should set a price equal to:

            .   A)$17. B) $14.    C) $13.    D) $10.

      2.   If the monopolist maximizes profit, the marginal cost of its product will be:

            A) $17.    B) $14.    C) $13. D) $10.

      3.   If the monopolist maximizes profit, its daily output will be:

            A) 200 units.    B) 400 units.    C) 600 units.    D) 850 units.

      4.   The maximum possible total profit this monopolist can earn per day is:

            A) $0.    B) $1800.    C) $2400.    D) $4200.

Explanation / Answer

1.D

2.D

3.C

4.D

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