-Refer to the Graph Above

question 23

Multiple Choice

-Refer to the graph above.Compared to long-run equilibrium under perfect competition,a monopoly in this industry causes price to

• A) rise from $4 to $6 per unit and output to fall from 200 to 100 units.
• B) fall from $6 to $4 per unit and output to rise from 100 to 200 units.
• C) rise from $4 to $5 per unit and output to fall from 200 to 150 units.
• D) fall from $5 to $4 per unit and output to rise from 150 to 200 units.
• E) fall from $7 to $4 per unit and output to rise from 150 to 300 units.

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Definitions:

Lost Profit

Revenue that a business could have gained but was unable to due to some disrupting event or action.

Sales Contract

A legally binding agreement between a seller and a buyer specifying the terms of sale for goods or services.

Market Price

Market price is the current price at which an asset or service can be bought or sold in the open market.

Entire Contract

The complete and final agreement between the parties, often found in insurance policies, indicating that all agreements and terms are contained within the contract document.