Table 16-4 Imagine a Small Town in Which Only Two Residents, Tony

question 15

Multiple Choice

Table 16-4
Imagine a small town in which only two residents, Tony and Jill, own wells that produce safe drinking water. Each week Tony and Jill work together to decide how many gallons of water to pump, to bring the water to town, and to sell it at whatever price the market will bear. To keep things simple, suppose that Tony and Jill can pump as much water as they want without cost so that the marginal cost of water equals zero.
The weekly town demand schedule and total revenue schedule for water is shown in the table below.

-Refer to Table 16-4.Since Tony and Jill operate as a profit-maximizing monopoly in the market for water,what price will they charge for water?

• A)$2
• B)$4
• C)$6
• D)$7

---

Definitions:

Close The Database

The action of securely exiting a database application, ensuring that all data is saved and the database is properly shut down.

Navigation Pane

A user interface element that provides a structured menu or list of options for navigating within a website or application.

Sign Out

The action of logging off from a digital account or service, terminating access until the next login.

Open

The act of loading a document, file, or application into memory so it can be accessed, viewed, or edited by the user.