A Monopolist Faces the Following Demand Curve: P = 12

question 9

Multiple Choice

A monopolist faces the following demand curve: P = 12 - .3Q with marginal costs of $3.What is the monopolistic PRICE?

• A)P = $5.50
• B)P = $6.50
• C)P = $7.50
• D)P = $8.50
• E)P = $9.50

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Definitions:

Syllogism

A form of reasoning in which a conclusion is drawn from two given or assumed propositions (premises), each of which shares a common or middle term not present in the conclusion.

Figure

An object's shape, outline, or representation in art or mathematics, or a notable person in a particular field.

Syllogism

A form of reasoning in which a conclusion is drawn from two given or assumed propositions (premises); a logical structure that uses three parts.

Middle Term

In a categorical syllogism, the term that appears in both premises and links together the major and minor terms.