The Figure Above Shows a Monopoly's Total Revenue and Total

question 372

Multiple Choice

The figure above shows a monopoly's total revenue and total cost curves.
-Using the figure above,which of the following statements are correct?
i.MR = MC = $42 when 3 haircuts are produced.
ii.If the firm charges each customer the same price for a haircut,the price of a haircut is $14.
iii.The firm's economic profit is $12.

• A) i only
• B) ii only
• C) i and ii
• D) i and iii
• E) i, ii, and iii

---

Definitions:

Inspiratory Reserve Volume

The additional amount of air that can be inhaled after a normal inhalation, contributing to the total lung capacity.

Peak Expiratory Flow

A measure of the fastest speed at which a person can exhale air after a maximal inhalation, often used in diagnosing and monitoring asthma.

Tidal Volume

The volume of air moved into or out of the lungs during a normal breath at rest.

Residual Volume

The volume of air remaining in the lungs after a forceful exhalation.