The Following Table Shows the Total Revenue and Total Cost

question 48

Multiple Choice

The following table shows the total revenue and total cost for a monopolist at various levels of output.
Table 11-2 $$\begin{array} { | c | c | c | } \hline \text { Output } & \text { Total Revenue } & \text { Total Cost } \\\hline 1 & 12 & 22 \\\hline 2 & 26 & 26 \\\hline 3 & 50 & 32 \\\hline 4 & 58 & 40 \\\hline 5 & 60 & 51 \\\hline 6 & 61 & 66 \\\hline 7 & 58 & 86 \\\hline 8 & 48 & 112 \\\hline 9 & 36 & 142 \\\hline\end{array}$$
-Refer to Table 11-2.At an output of 9 units,the price elasticity of demand _____.

• A)is more than one.
• B)is less than one.
• C)is equal to one.
• D)cannot be determined without more data.

---

Definitions:

Emotional Part

A component of human psychology that involves feelings, moods, and affective states.

Rational Part

The aspect of the human mind or personality that is responsible for logic, reasoning, and analytical thought.

Id

In psychoanalytic theory, the part of the psyche that is the source of instinctual drives and desires, operating on the pleasure principle.

Psychoanalytic Theory

A theory of personality and a method of psychotherapy, originally formulated by Sigmund Freud, that emphasizes unconscious motivations and conflicts.