Bob's Butcher Shop Is the Only Place Within 100 Miles

question 436

Multiple Choice

Bob's Butcher Shop is the only place within 100 miles that sells bison burgers. Assuming that Bob is maximizing his profit, which of the following statements is true?

• A)The price of Bob's bison burgers will be less than Bob's marginal cost.
• B)The price of Bob's bison burgers will exceed Bob's marginal cost.
• C)The price of Bob's bison burgers will equal Bob's marginal cost.
• D)Costs are irrelevant to Bob because he is a monopolist.

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Definitions:

Enol Tautomer

A form of tautomerism where a hydrogen atom shifts position, leading to a double bond and an alcohol group.

1-phenyl-2-octanone

An organic compound featuring a phenyl group attached to the first carbon of an octanone, a molecule with eight carbon atoms and a ketone functional group at the second position.

Acid-catalyzed Enolization

A chemical reaction where an acid catalyst promotes the conversion of a carbonyl compound to its enol form, involving the relocation of a proton.

Acetaldehyde

A volatile, colorless, and flammable liquid with a pungent odor, used as an intermediate in the synthesis of acetic acid, perfumes, and flavors.