Figure 15-5

question 71

Multiple Choice

Figure 15-5
Figure 15-5 shows the demand and cost curves for a monopolist.
-Refer to Figure 15-5.What is the difference between the monopoly output and the perfectly competitive output?

• A) 140 units
• B) 240 units
• C) 340 units
• D) 560 units

---

Definitions:

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded.

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity demanded at the market price.

Shift Demand

A change in the amount of a product that consumers are willing and able to purchase at any given price level, typically caused by changes in consumer preferences, income, or prices of related goods.

Substitute Good

A product or service that can be used in place of another to satisfy consumer demand or preferences.