The Figure Above Shows a Monopoly's Total Revenue and Total

question 53

Multiple Choice

The figure above shows a monopoly's total revenue and total cost curves.
-Using the figure above,which of the following statements is (are) correct?
i.MR = MC when 3 haircuts are produced.
ii.If the firm charges each customer the same price for a haircut,the price of a haircut is $42.
iii.The firm's MC equals $30.

• A) i only
• B) ii only
• C) i and ii
• D) i and iii
• E) None of the above is correct.

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Definitions:

Effective Teamwork

The collaborative effort of a group to achieve a common goal or task efficiently and creatively.

Organizational Behaviour

The study of human behavior in organizational settings, the interface between human behavior and the organization, and the organization itself.

Adapt to Change

The ability to adjust and modify oneself or one's processes in response to alterations in the surrounding environment or conditions.

Human Resources Management

Programs, practices, and systems to acquire, develop, motivate, and retain employees in organizations.