A Monopolist Can Sell 7,000 Units at a Price of $5

question 25

Multiple Choice

A monopolist can sell 7,000 units at a price of $5 per unit.Lowering price to all buyers by $1 raises the quantity demanded by 500 units.What is the change in total revenue resulting from this price change?

• A) $6,000
• B) $5,000
• C) -$5,000
• D) -$18,000

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Definitions:

Self-serving

Acting in a way that benefits oneself, often at the expense of others or ethical principles.

Conduct

The manner in which an individual behaves or performs in a professional or personal setting.

Ethical Reasoning

involves using moral principles and values to evaluate and make decisions about what is right or wrong in various situations.

Happiness

A state of well-being characterized by emotions ranging from contentment to intense joy.