The Figure Below Shows the Demand Schedule and Demand Curve

question 54

Multiple Choice

The figure below shows the demand schedule and demand curve for a product produced by a single-price monopolist. FIGURE 10-1
-Refer to Figure 10-1.Suppose this single-price monopolist is initially selling 9 units at $4 each and then reduces the price of the product to $3.By making this change,the firm is giving up revenue of ________ on the original number of units sold and gaining revenue of ________ on the additional units sold.Its marginal revenue is therefore ________.(All figures are dollars)

• A)40; 27; -13
• B)30; 36; 6
• C)34; 28; -6
• D)9; 3; -6
• E)3; 9; 6

---

Definitions:

Random Assignment

A method used in experiments that randomly allocates participants to different groups in order to eliminate bias and ensure the groups are comparable.

Cognitive-affective Units

Concepts in psychology that represent the mental processes and emotional patterns that are closely linked and influence an individual's reactions to the world.

Self-regulatory Plans

Strategies developed by individuals to control their behavior, emotions, and thoughts toward achieving personal goals.

Encodings

In psychology, encodings refer to the process by which we perceive, process, and store information in memory.