Andrew's Demand for Fish Is: Q_A=12- 3P

question 79

Multiple Choice

Andrew's demand for fish is: Q_A=12- 3P. Betty's demand for fish is: Q_B=16- 4P and Cathy's demand for fish is: Q_C=20- 5P. Q is the number of pounds of fish and P is the price of fish per pound. If Andrew, Betty and Cathy are the only people living in their village, and if the price of fish is P=$1 per pound, what is the total market demand for fish in the village?

• A)Q=12.
• B)Q=36.
• C)Q=16.
• D)Q=20.

Comprehend the contribution of benefit programs to attracting, retaining employees, and their legality.

Understand the guidelines regarding benefit portability, tax treatment, and their impact on employee motivation.

Recognize the evolving trends in employee benefits offerings and their administration.

Understand the role and types of employee benefits for achieving organizational objectives.

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Definitions:

Pure Monopolist

A market structure wherein a single company or entity has exclusive control over the production and sale of a particular product or service, with no close substitutes.

Marginal Revenue

The additional revenue that a company receives from selling one more unit of a product.

Incremental Sales

The increase in sales generated by a specific action or event, beyond what would normally have been expected.

Nondiscriminating Monopolist

A monopolist who charges a single price for all units of the output sold, reaching every consumer who is willing to pay at least this price, rather than charging different prices.