Table 14-4 A Monopolist Faces the Following Demand Curve

question 256

Multiple Choice

Table 14-4
A monopolist faces the following demand curve:

-Refer to Table 14-4.If the monopolist produces 5 units,what is its average revenue?

• A) $100
• B) $20
• C) $5
• D) $4

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Definitions:

Supreme Court

The highest judicial body in a country or state, which has the ultimate authority to interpret laws, including the constitution, and to decide legal disputes.

Social Darwinism

A theory that applies the concept of "survival of the fittest" from biological evolution to social and economic competition, often used to justify social inequalities.

Herbert Spencer

A 19th-century English philosopher and sociologist known for applying the theory of natural selection to society, coining the phrase "survival of the fittest."

Henry Demarest Lloyd

An American progressive political activist and a critic of corporate power and monopoly, best known for his works on the Standard Oil Company.