Table 11-6 -The Demand and Cost Schedules of a Monopolist Are Presented

question 54

Multiple Choice

Table 11-6

-The demand and cost schedules of a monopolist are presented in Table 11-6.What price should a profit-maximizing monopolist charge?

• A)$14
• B)$13
• C)$12
• D)$11

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Definitions:

Tax

Tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Producer Surplus

The difference between what producers are willing to accept for a good or service and the actual price they receive.

Tax

A required financial contribution or alternative type of tax enforced on a taxpayer by a governing body to support government expenditure and assorted public outlays.

Tax Revenue

Money earned by governments through taxation, intended for the financing of public amenities and meeting governmental commitments.