Answer the Question on the Basis of the Following Information

question 33

Multiple Choice

Answer the question on the basis of the following information for a pure monopolist: $\begin{array}{ccc}\begin{array}{ccc}\\\text { Output } & & \text { Total Cost } \\\hline0 & & \$ 250 \\1 & & 260 \\2 & & 290 \\3 & & 350 \\4 & & 480 \\5 & & 700\end{array}\begin{array}{l}\text { Product }\\\begin{array}{c}\text { Price } \\\hline \$ 500 \\300 \\250 \\200 \\150 \\100\end{array}\end{array}\end{array}$ The given nondiscriminating monopolist should set its price at:

• A) $300.
• B) $250.
• C) $200.
• D) $150.

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Definitions:

Prices Paid

The amount of money expended by consumers or businesses to purchase goods or services.

Acreage Allotments

Regulations or programs that set limits on the amount of land that can be used for the cultivation of certain crops, often to control supply and stabilize market prices.

Price-Support Program

Government interventions designed to maintain the market price of a good at a certain level.

Particular Crop

A specific type of crop grown for agricultural production, often defined by its use or species.