Suppose a Single-Price Monopoly Sells 3 Units of a Good

question 100

Multiple Choice

Suppose a single-price monopoly sells 3 units of a good at $20 per unit.If the monopoly sells 4 units,the total revenue increases to $72.What is the marginal revenue of the fourth unit?

• A) $52
• B) $18
• C) $60
• D) $12
• E) $20

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Definitions:

Standard Deviation

A statistic that quantifies the dispersion of dataset relative to its mean, showcasing how spread out the data points are.

Mean Shoe Life

The average lifespan of a shoe, measured by duration of usage before it becomes unwearable, typically calculated from a sample.

Marathon Training

A structured program of physical exercises and running practice aimed at preparing an individual to complete a marathon.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much the members of the set diverge from the mean.