Table 241 Monopoly Costs and Revenue In Table 24

question 48

Multiple Choice

Table 24.1 Monopoly Costs and Revenue
$$\begin{array} { | c | c | c | } \hline \text { Quantity } & \text { Price } & \text { Total Cost } \\\hline 1 & \$ 500 & \$ 400 \\\hline 2 & \$ 450 & \$ 650 \\\hline 3 & \$ 400 & \$ 950 \\\hline 4 & \$ 350 & \$ 1,300 \\\hline 5 & \$ 300 & \$ 1,700 \\\hline\end{array}$$ In Table 24.1,according to the profit maximization rule,at the profit-maximizing level of output,marginal revenue is

• A)$300.
• B)$200.
• C)$100.
• D)$250.

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Definitions:

Subcontractors

Individuals or companies hired by a primary contractor to perform specific parts of a larger project.

General Contractor

A principal contractor who is responsible for the oversight of a construction project, managing subcontractors, and providing materials and labor for the completion of the job.

Holdback

A portion of funds or payment deliberately kept back until certain conditions are met or work is completed satisfactorily.

Fraudulent Preferences

Financial transactions made by a debtor before bankruptcy that unfairly favor one creditor over others.