Answer the Question on the Basis of the Following Information

question 113

Multiple Choice

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

• A) incurs a loss.
• B) earns an economic profit of $250.
• C) earns a normal profit of $250.
• D) earns an economic profit of $150.

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Definitions:

Social Values

Cultural or societal norms and principles that guide individual and collective behavior and decision-making.

Universalistic

Pertains to principles or practices that are intended to be universally applicable or effective, regardless of cultural or contextual differences.

Conformist

An individual who follows established norms and practices, often prioritizing harmony and adherence to social or organizational standards.

Subjectivist

Pertaining to the philosophy that emphasizes the role of the individual's perceptions and feelings in creating their own reality.