1. The firm shown in the graph would maximize profit by producing output A) Q\'

Question

1.             The firm shown in the graph would maximize profit by producing output

                A)            Q' at price P.                                          B)            Q" at price P'.

                C)            Q" at price P".                                       D)            none of the above.

2.             The deadweight loss from a monopoly is given by the area:

                A)            ABC                       B)            P"ABCP'                C)            ABQ'Q"                  D)            P"ACP'

3.             This monopolist's profits are given by the area:

                A)            ACP'P".                                                  B)            ADPP"

                C)            AQ"OP"                                                 D)            none of the above.

Explanation / Answer

1)b

2) c

3) b

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