Figure 15-7 Price 30 MC 23 20 ATC 12 9 12 23. Refer to Figure 15-7. In order to

Question

Figure 15-7 Price 30 MC 23 20 ATC 12 9 12 23. Refer to Figure 15-7. In order to maximize profits, the monopolist should produce a. b. 9 units. 12 units 15 units. d. more than 15 units 24. Refer to Figure 15-7. In order to maximize profits, the monopolist should charge a price of $9. b $12. C. $20. d. $23. 25. Refer to Figure 15-7. A profit-maximizing monopolist would earn total revenues of a. $81. b. $144. c. $225 d. $240 26. Refer to Figure 15-7. A profit-maximizing monopolist would incur total costs of a. $81 b. $120 c.$144 d. $240 27. Refer to Figure 15-7. A profit-maximizing monopolist would earn profits of a. $96 c. $120 d. $126

Explanation / Answer

23) B- 12 units because of monopolistic condition of Mr=MR

24) C= $ 20

25) D - TR= Price * Quantity = 12*20=$240

26) B- Area above ATC i.e. rectanagle between price 10 and 20 = 10*12= $120

27) C- $120

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