The Following Table Shows the Quantities of a Good Sold

question 38

Multiple Choice

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

-Refer to the table above.Which of the following statements is true of the monopolist's total revenue?

• A) As the monopolist reduces the price of its product from $9 to $3, its total revenue decreases.
• B) As the monopolist reduces the price of its product from $9 to $3, its total revenue increases.
• C) As the monopolist reduces the price of its product from $9 to $3, its total revenue increases and then decreases.
• D) As the monopolist reduces the price of its product from $9 to $3, its total revenue decreases and then increases.

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Definitions:

Startup Stage

The early phases in the life cycle of a business where it is developing its product, market, and operations, often characterized by uncertainty and high risk.

Nascent Stage

The early development phase of a project or company, often characterized by high uncertainty and risk.

Entrepreneurial Transition

The process or phase where an entrepreneur or business undergoes significant change, often towards growth or diversification.

Probable Crisis

A situation or a series of events that is likely to lead to an unstable and dangerous situation affecting an individual, group, community, or the whole society.