Table 15-9 Consider the Following Demand and Cost Information for a Monopoly

question 81

Multiple Choice

Table 15-9
Consider the following demand and cost information for a monopoly.
-Refer to Table 15-9. What price should the monopoly charge to maximize profit?

• A)$16
• B)$20
• C)$24
• D)$28

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Definitions:

Cognitive Consistency

A psychological theory that suggests individuals are motivated to maintain consistency between their beliefs, attitudes, and behaviors to reduce mental discomfort or dissonance.

Systematic Desensitization

A behavioral therapy technique used to reduce fear, anxiety, or aversions through gradual exposure to the feared object or situation combined with relaxation exercises.

Progressive Relaxation

A technique for achieving a deep state of calm by tensing and then relaxing all the major muscle groups in sequence.

Exposure

The process of reducing fear or anxiety by gradually and repeatedly introducing the feared object or situation.