A Profit-Maximizing Monopoly Faces an Inverse Demand Function Described by the Equation

question 21

Multiple Choice

A profit-maximizing monopoly faces an inverse demand function described by the equation p(y) = 60 - y and its total costs are c(y) = 10y, where prices and costs are measured in dollars.In the past it was not taxed, but now it must pay a tax of 4 dollars per unit of output.After the tax, the monopoly will

• A)increase its price by 4 dollars.
• B)leave its price constant.
• C)increase its price by 2 dollars.
• D)increase its price by 6 dollars.
• E)None of the above.

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Definitions:

Old Technology

Tools, systems, or methods that were once cutting-edge but are now surpassed by newer innovations.

Electroencephalogram

A test that measures electrical activity in the brain using small, flat metal discs attached to the scalp.

Alternate Form Reliability

The consistency of test scores among different versions of the same test, ensuring that various forms are comparable.

Test-Retest Reliability

A measure of consistency where a test is given to the same group of people at two different points in time, and the scores are compared to assess the reliability of the test.