Figure 13.3 Figure 13.3 Shows the Demand and Cost Curves for a and Cost

question 37

Multiple Choice

Figure 13.3

Figure 13.3 shows the demand and cost curves for a monopolist.
-Refer to Figure 13.3.What is the amount of the monopoly's total cost of production?

• A)$21,600
• B)$17,700
• C)$9,340
• D)$7,800

---

Definitions:

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price over a specific period.

Quantity Demanded

The aggregate quantity of a product or service that buyers are prepared and capable of buying at a certain price point.

Equilibrium Price

The cost at which the amount of a product or service that consumers want to buy matches the amount that producers are willing to sell, creating a balanced market situation.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various price levels, at a given point in time.