Figure 10-12 Figure 10-12 Shows the Cost and Demand Curves

question 168

Multiple Choice

Figure 10-12
Figure 10-12 shows the cost and demand curves for a monopolist.
-Refer to Figure 10-12.If this industry was organized as a perfectly competitive industry,the market output and market price would be

• A) output = 62; price = $24.
• B) output = 83; price = $22.
• C) output = 62; price = $18.
• D) output = 104; price = $20.80.

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Definitions:

Percentage

A fraction or ratio expressed as a part of 100, used to quantify relative size and proportion.

Accurate

Characterized by precision and correctness in details or measurements.

Cent

A monetary unit in many countries, equal to one-hundredth of the base unit of currency, such as the dollar or euro.

Evaluate

To assess or judge the value, nature, or importance of something.