Use the Following to Answer Questions

question 115

Multiple Choice

Use the following to answer questions:
-(Table: Prices and Demand) Look at the table Prices and Demand. The New Orleans Saints have a monopoly on Saints logo hats. The marginal cost of producing a hat is $18. If the Saints were a perfectly competitive firm in a perfectly competitive industry, at their profit-maximizing price and output producer surplus would be:

• A) $0.
• B) $12.
• C) $18.
• D) $24.

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Definitions:

Statistics

The science of collecting, analyzing, interpreting, and presenting data.

P-value

The probability measure indicating the likelihood of obtaining test results at least as extreme as the results actually observed, assuming that the null hypothesis is correct.

Age Groups

Categories of populations made according to age range, often used in statistics and demographic studies.

Music Listeners

Individuals who engage in the act of listening to music.