Use the Figure Below to Answer the Following Question

question 36

Multiple Choice

Use the figure below to answer the following question. Figure 12.1.1
-Refer to Figure 12.1.1.The quantity demanded by the market is 8 million cubic metres a month.This market is

• A)a legal monopoly.
• B)served by a perfect price discriminating monopoly.
• C)served by many firms each making an economic profit.
• D)served by many firms each incurring an economic loss.
• E)a natural monopoly.

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Definitions:

Budget Line

A graphical representation showing all possible combinations of goods that can be purchased with a given budget.

Budget Line

It represents the combination of goods and services that a consumer can purchase given their income and the prices of those goods and services.

Money Income

Money Income is the total amount of monetary earnings received by an individual or household, including wages, salaries, benefits, and other income sources, over a specific period of time.