Use the Following to Answer Question

question 8

Multiple Choice

Use the following to answer question:
-(Table: Prices and Demand) Use Table: Prices and Demand.The New Orleans Saints have a monopoly on Saints logo hats.The marginal cost of producing a hat is $18.How much is producer surplus at the Saint's profit-maximizing output?

• A)$24
• B)$18
• C)$12
• D)$9

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Definitions:

Outstanding Checks

Checks that have been written and recorded by an entity but not yet cleared or cashed by the recipient.

Control Environment

The control environment forms part of an organization’s internal control framework, setting the tone for discipline and structure regarding the internal controls and operational processes.

Risk Assessment

The process of identifying, analyzing, and evaluating the likelihood and impact of risks on a project or organization.

Control Procedures

Policies and procedures that are put in place by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.