Use the Figure Below to Answer the Following Questions

question 113

Multiple Choice

Use the figure below to answer the following questions.

Figure 13.4.2
-Refer to Figure 13.4.2. Assume this monopolist practises perfect price discrimination. What is total revenue?

• A)$110
• B)$210
• C)$310
• D)$120
• E)$105

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service and the higher market price they actually receive.

Economic Profit

Economic profit is the difference between total revenue and total costs, including both explicit and implicit costs, measuring the performance exceeding the opportunity costs of resources used.

Fixed Costs

Expenses that do not change with the level of production or business activity within a certain range or period.

Short-Run Marginal Cost Curve

A graph that shows the cost of producing one more unit of a good or service in the short term, when some factors of production are fixed.