A Monopolist Faces the Inverse Demand Function Described by P

question 73

Multiple Choice

A monopolist faces the inverse demand function described by p = 23 - 5q, where q is output. The monopolist has no fixed cost and his marginal cost is $6 at all levels of output. Which of the following expresses the monopolist's profits as a function of his output?

• A) 23 - 5q - 6
• B) 17q - 5q²
• C) 23 - 10q
• D) 23q - 5q² - 6
• E) None of the above.

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