A Monopolist Can Sell 7 Units Per Day at $7

question 171

Multiple Choice

A monopolist can sell 7 units per day at $7 per unit,or 8 units per day at $6 per unit.Its marginal revenue for the eighth unit of output is:

• A) $48.
• B) $6.
• C) $1.
• D) $-1

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Definitions:

Objective Reality

The state or quality of being true and existent outside of personal perceptions, interpretations, feelings, or biases.

Positivism

A philosophical approach that asserts that knowledge should be derived from empirical and observable evidence.

Theoretical Approach

A systematic way of thinking about and analyzing a phenomenon, guided by a set of concepts and propositions.

Urban-Rural Differences

The varying characteristics, lifestyles, and social and economic conditions that distinguish urban areas from rural areas.