Refer to the Accompanying Figure to Answer the Following Questions

question 13

Multiple Choice

Refer to the accompanying figure to answer the following questions.

-The revenue received by the profit-maximizing monopolist is

• A) $900.
• B) $150.
• C) $300.
• D) $100.
• E) $450.

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Definitions:

Rationing

A system of controlling the distribution of resources, goods, or services by limiting access to ensure equitable distribution, often implemented during shortages.

Reselling

The act of selling a product or service again, possibly after acquiring, refurbishing, or repackaging it.

Perfect Price Discrimination

A situation where a seller charges the maximum possible price for each unit consumed that each consumer is willing to pay, thus capturing the entire consumer surplus.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually do pay.