Use the Following to Answer Questions

question 79

Multiple Choice

Use the following to answer questions:
Figure: The Profit-Maximizing Output and Price
-(Figure: The Profit-Maximizing Output and Price) Look at the figure The Profit-Maximizing Output and Price. Assume there are no fixed costs and AC = MC. At the profit-maximizing quantity of production for the monopolist, total revenue is _____, total cost is _____, and profit is _____.

• A) $600; $200; $400
• B) $1,600; $3,200; $1,600
• C) $4,800; $3,200; $1,600
• D) $4,800; $1,600; $3,200

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Definitions:

Mental Age

A measure of intelligence test performance devised by Binet; the chronological age that most typically corresponds to a given level of performance. Thus, a child who does as well as the average 8-year-old is said to have a mental age of 8.

Divergent Thinking

Divergent thinking is a thought process or method used to generate creative ideas by exploring many possible solutions, often leading to unique and unconventional outcomes.

Mental Age

A measure of an individual's cognitive ability as compared to the average cognitive ability for their chronological age.

Intellectual Abilities

The capacity to perform mental activities involving reasoning, problem-solving, and abstract thinking.