Question Question 1 options: $9,000 $24,000 $30 $20 $40 Question A monopoly is p
ID: 1222323 • Letter: Q
Question
Question
Question 1 options:
$9,000
$24,000
$30
$20
$40
Question
A monopoly is producing a level of output at which price is $80, marginal revenue is $40, average total cost is $100, marginal cost is $40, and average fixed cost is $10. In order to maximize profit, the firm should
Question 2 options:
produce more.
keep output the same.
produce less.
shut down.
Question 3
Question 3 options:
9
10
12
18
Question 4
Question 4 options:
Qd = 71,000 - 500P
Qd = 39,000 - 200P
Qd = 39,000 - 500P
Qd = 40,000 - 200P
Question 5
A monopolistic competitor is producing a level of output at which price is $200, marginal revenue is $100, average total cost is $210, marginal cost is $100, and average variable cost is $180. In order to maximize profit, the firm should
Question 5 options:
increase output.
keep output the same.
decrease output.
shut down.
Question 6
Question 6 options:
-$180
-$80
$60
$120
none of the above
Question 7
Question 7 options:
MR = 48 - 0.002Q
MR = 78 - 0.002Q
MR = 78 - 0.004Q
MR = 48 - 0.004Q
Question 8
Question 8 options:
8,000 units
10,000 units
12,000 units
16,000 units
0 units, the firm shuts down
Question 9
Question 9 options:
MR = -$10, and demand is inelastic.
MR = $10, and demand is elastic.
MR = $30, and demand is elastic.
MR = -$30, and demand is inelastic.
none of the above.
Question 10
Question 10 options:
Total revenue will increase $13.50.
Total revenue will increase $11.00.
Total revenue will increase $9.00.
Total revenue will increase $6.00.
none of the above.
$9,000
$24,000
$30
$20
$40
Explanation / Answer
Q1
Answer is 30
findig slope of line
y=-30x+1800
Q2
Answer option 4:-
Shutdown
AVC is higher then price
Q3
Answer is option 3: 12
a profit maximizing firm will hire workers up to the point where the mrp=wage
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