Refer to the Information Provided in Table 13 -Refer to Table 13

question 54

Multiple Choice

Refer to the information provided in Table 13.2 below to answer the question(s) that follow.
Table 13.2
$$\begin{array} { | c | c | } \hline \text { Price (\$) } & \text { Quantity } \\\hline 10.00 & 1 \\\hline 9.00 & 2 \\\hline 8.00 & 3 \\\hline 7.00 & 4 \\\hline 6.00 & 5 \\\hline 5.00 & 6 \\\hline 4.00 & 7 \\\hline\end{array}$$
-Refer to Table 13.2. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $6 per unit of providing the product, then the monopoly maximizes its profits by charging ________ per unit and selling ________ units of output.

• A) $6; 5
• B) $7; 4
• C) $5; 6
• D) $8; 3

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Definitions:

Corrupt

Involved in bribery or other dishonest practices, typically involving public officials or people in power.

Encoding Failure

The failure to remember certain information due to its lack of encoding into long-term memory.

ENIAC

ENIAC, or Electronic Numerical Integrator and Computer, was one of the earliest electronic general-purpose computers made, operational in 1945.

Digital Computer

An electronic device that processes information in binary form and performs computations according to programmed instructions.