Suppose the Table Below Describes the Relationship Between Price and Quantity

question 12

Multiple Choice

Suppose the table below describes the relationship between price and quantity demanded for a monopolist. $$\begin{array} { | c | c | } \hline \text { Quantity } & \text { Price } \\\hline 1 & \$ 10 \\\hline 2 & \$ 9 \\\hline 3 & \$ 8 \\\hline 4 & \$ 7 \\\hline 5 & \$ 6 \\\hline 6 & \$ 5 \\\hline 7 & \$ 4 \\\hline 8 & \$ 3 \\\hline\end{array}$$ The marginal revenue of the third unit of output is:

• A)$24.
• B)$8.
• C)$6.
• D)-$1.

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Definitions:

Economic Choices

Economic choices refer to the decisions made by individuals, households, businesses, and governments regarding the allocation of scarce resources to satisfy various needs and wants.

Butcher's Shop

A retail establishment that specializes in selling meat, often along with related products like poultry and seafood.

Common Law

A body of legal principles derived from judicial decisions of courts and similar tribunals, rather than from statutes or constitutions.

Quebec

A province in Canada known for its unique French heritage, language, and culture within a predominantly English-speaking country.