Use the Following to Answer Questions -(Table: Prices and Demand)The Toronto Maple Leafs Have a Monopoly

question 229

Multiple Choice

Use the following to answer questions : $$\begin{array}{l}\text { Table: Prices and Demand }\\\begin{array} { l c } \hline \begin{array} { l } \text { Quantity } \\\text { of Hats } \\\text { Demanded }\end{array} & \begin{array} { c } \text { Price } \\\text { per Hat }\end{array} \\\hline 0 & \$ 30 \\1 & 28 \\2 & 26 \\3 & 24 \\4 & 22 \\5 & 20 \\6 & 18 \\7 & 16 \\8 & 14 \\\hline\end{array}\end{array}$$
-(Table: Prices and Demand) The Toronto Maple Leafs have a monopoly on Leafs logo hats.The marginal cost of producing a hat is $18.If the Leafs increase the number of hats they sell from 4 to 5,their total revenue changes from _____ to _____.

• A) $88;$100
• B) $22;$20
• C) $88;$80
• D) $110;$100

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General principles or guidelines that provide simplified advice or wisdom based on experience or common practice.

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Systematic patterns of deviation from norm or rationality in judgment, where particular feelings, beliefs, or behaviors predominate over others.

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