Scenario: Mr

question 245

Multiple Choice

Scenario: Mr. Olivander has a monopoly on supplying magic wands. The table below shows the demand schedule for magic wands per day.

-Refer to the scenario above.If the marginal cost of a magic wand is $10,what price should Mr.Olivander charge to maximize his profit?

• A) $65
• B) $55
• C) $35
• D) $20

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Definitions:

Business Organizations

Entities set up to carry out commercial enterprises, including corporations, partnerships, and sole proprietorships.

Ethical Issue

An identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical.