Use the Following to Answer Question

question 251

Multiple Choice

Use the following to answer question:
-(Table: Demand and Total Cost) Use Table: Demand and Total Cost.Lenoia runs a natural monopoly firm producing electricity for a small mountain village.The table shows Lenoia's demand and total cost of producing electricity.To maximize profits,Lenoia should charge a price of:

• A)$350.
• B)$400.
• C)$450.
• D)$500.

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Definitions:

Rational Choice Theory

An economic principle that assumes individuals always make prudent and logical decisions that provide them with the highest personal utility.

Exchange

In sociology, the act of giving one thing and receiving another between two parties, often analyzed within social, economic, or cultural contexts.

Altruism

The principle or practice of showing concern for the welfare of others, often at a cost to oneself, motivated by selfless concerns.

Social Interactions

The process by which individuals act and react in relation to others, forming the basis of society.