Table 17-5

question 152

Multiple Choice

Table 17-5.Imagine a small town in which only two residents,Bill and Ben,own wells that produce safe drinking water.Each week Bill and Ben work together to decide how many gallons of water to pump,to bring the water to town,and to sell it at whatever price the market will bear.Assume Bill and Ben can pump as much water as they want without cost so that the marginal cost of water equals zero.
The weekly town demand schedule and total revenue schedule for water are shown in the table below.

-Refer to Table 17-5.Since Bill and Ben operate as a profit-maximizing monopoly in the market for water,what price will they charge for water?

• A) $2
• B) $4
• C) $6
• D) $7

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Definitions:

Anterograde Amnesia

is a condition affecting memory, where an individual struggles to form new memories following the onset of amnesia, although long-term memories from before the event may remain intact.

New Memories

Recently formed mental representations of past experiences, which are stored in the brain for recall.

Associations

Connections or links between thoughts, ideas, or memories that can influence an individual's emotional responses and behavior.

Node

A basic unit or point in a network or system where connections are made.