-Suppose a Monopolist Has TC = 40 + 10Q

question 62

Multiple Choice

-Suppose a monopolist has TC = 40 + 10Q + Q²,and the demand curve it faces is p = 130 - 2Q.What is the maximum profit achieved by this monopoly?

• A) Profit = 1160
• B) Profit = 1240
• C) Profit = 1450
• D) Profit = 1800

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Definitions:

Flammable Liquid

A liquid substance capable of catching fire and burning easily in the presence of an ignition source.

Light Gas Fraction

A portion of the distillate in petroleum refining that is composed of the lighter hydrocarbons, such as methane, ethane, propane, and butane.

Crude Oil

A natural, unrefined petroleum product composed of hydrocarbon deposits and other organic materials.

Crude Oil Refinement

The industrial process of transforming crude oil into useful products such as gasoline, diesel, and other petrochemicals.