Table 17-1 Imagine a Small Town in Which Only Two Residents, Rochelle

question 185

Multiple Choice

Table 17-1
Imagine a small town in which only two residents, Rochelle and Alec, own wells that produce safe drinking water. Each week Rochelle and Alec work together to decide how many gallons of water to pump. They bring the water to town and sell it at whatever price the market will bear. To keep things simple, suppose that Rochelle and Alec can pump as much water as they want without cost so that the marginal cost of water equals zero. The town's weekly demand schedule and total revenue schedule for water is shown in the table below:
-Refer to Table 17-1. If this market for water were perfectly competitive instead of monopolistic, what price would be charged?

• A)$0
• B)$30
• C)$40
• D)$60

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Definitions:

Cortex

The outermost layer of the brain, responsible for complex functions including memory, attention, perception, cognition, awareness, thought, language, and consciousness.

Dark Adaptation

The process by which the eyes increase their sensitivity to low levels of light, allowing for better vision in dark conditions.

Retinaldehydes

A form of vitamin A that serves as a precursor to retinoic acid, used in skincare for its anti-aging properties.

Trichromatic Theory

A theory in color vision proposing that the human eye has three types of receptors with differing sensitivities to different light wavelengths, corresponding to red, green, and blue.