The Following Table Shows the Quantities of a Good Sold

question 290

Multiple Choice

The following table shows the quantities of a good sold by a monopolist at different prices.

-Refer to the table above.What is the total revenue of the monopolist when it charges a price of $6?

• A) $1,550
• B) $1,800
• C) $2,150
• D) $3,200

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold in an open market.

Government Intervention

Actions taken by a government to influence or regulate economic activity, often to correct market failures and achieve desired social or economic outcomes.

Prices

The sum needed to buy a product or service, shaped by aspects such as the availability of the item and the desire for it from consumers.

Economic Activity

Actions that involve the production, distribution, and consumption of goods and services within an economy.