A Monopolist Can Sell 10,000 Units at a Price of $17

question 55

Multiple Choice

A monopolist can sell 10,000 units at a price of $17. Lowering price by $2 raises the quantity demanded by 2,000 units. What is the change in total revenue that results from this price change?

• A)$10,000
• B)$4,000
• C)$180,000
• D)$90,000

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Definitions:

Ethnography

A qualitative research method used in social sciences to study cultures and communities through direct observation, participant observation, and other immersive techniques.

Cultural Activities

Events and practices that embody the traditions, customs, and expressions of a particular community or society.

Evolutionary Processes

These are mechanisms by which species undergo changes over time, including natural selection, mutation, gene flow, and genetic drift.

Validity

Refers to the extent to which a test or instrument measures what it is supposed to measure.