Suppose the Table Below Describes the Relationship Between Price and Quantity

question 79

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 fifth unit of output is:

• A)$30.
• B)$6.
• C)$2.
• D)-$2.

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Definitions:

Hierarchical Ranking

A system where entities are arranged in a graded order from lowest to highest based on certain criteria.

Subjective Assessments

Evaluations based on personal feelings, tastes, or opinions rather than on external facts or evidence.

Dominant Ideology

The set of beliefs, values, and norms that are most widely shared within a society, often reinforcing the current social power structure.

Meritocracy

A system or society where individuals are rewarded and advanced based on ability and talent rather than on class privilege or wealth.