Murdock Glass Sells Stained Glass Panes

question 24

Multiple Choice

Murdock Glass sells stained glass panes.Its profit is given by p = -500 + 100X - X².The profit-maximizing level of output is:

• A) X = 50.
• B) X = 100.
• C) X = 200.
• D) X = 300.
• E) X = 600.

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Definitions:

Equitable

Characterized by fairness and impartiality; the fair distribution of resources and opportunities.

Efficient

Describes a process that achieves its goals with the least waste of time and effort.

Lump-Sum Tax

A tax that is the same amount for every person.

Deadweight Loss

A cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium.