A Profit-Maximizing Monopolist Faces a Downward-Sloping Demand Curve That Has

question 27

Multiple Choice

A profit-maximizing monopolist faces a downward-sloping demand curve that has a constant elasticity of -4.The firm finds it optimal to charge a price of $24 for its output.What is its marginal cost at this level of output?

• A)$55
• B)$18
• C)$48
• D)$10
• E)$24

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