Table 15-1 -Refer to Table 15-1

question 122

Multiple Choice

Table 15-1
$$\begin{array} { | l | l | l | l | l | } \hline \text { Qunatity } & \text { Price } & \begin{array} { l } \text { Total } \\\text { revenue }\end{array} & \begin{array} { l } \text { Average } \\\text { revenue }\end{array} & \begin{array} { l } \text { Marginal } \\\text { revenue }\end{array} \\\hline 1 & 47 & 47 & & \\\hline 2 & & 88 & 44 & 41 \\\hline 3 & 41 & & & \\\hline 4 & & & & 29 \\\hline 5 & 35 & & & 23 \\\hline 6 & & 192 & & \\\hline 7 & 29 & & & 11 \\\hline 8 & & & & 5 \\\hline 9 & & 207 & 23 & - 1 \\\hline 10 & 20 & 200 & & \\\hline\end{array}$$
-Refer to Table 15-1.If the monopolist wants to maximise its revenue, how many units of its product should it sell?

• A)one
• B)six
• C)eight
• D)ten

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Definitions:

Critical Thinking

The goal of critically examining and assessing a problem to reach a conclusion.

Double-Check

The act of verifying or validating information, data, or procedures twice to ensure accuracy or correctness.

Sommelier

A trained and knowledgeable wine professional, often found in fine dining establishments, who specializes in all aspects of wine service as well as wine and food pairing.

Legal Setting

The structured environment in which legal processes and matters are conducted, including courts, law firms, and legislative bodies.