Use the Following to Answer Questions

question 65

Multiple Choice

Use the following to answer questions:
-(Table: Lunch) Look at the figure Lunch. Joe makes and sells picnic lunches to people taking all-day rafting trips on the river. The marginal cost and average cost of each lunch are a constant $4. If Joe is a monopolist, how many lunches will he produce in the long run?

• A) 0
• B) 10
• C) 20
• D) 30

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Definitions:

Thrive

To grow, develop, or be successful, especially under favorable conditions or through overcoming adversity.

Chaos

A state of extreme confusion and disorder.

Overwhelmed

Feeling unable to cope due to being swamped or excessively burdened by emotions, tasks, or problems.

Litany

A repetitive or prolonged series of complaints or grievances.