Use the Following to Answer Questions -(Table: Prices and Demand)Use Table: Prices and Demand

question 151

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) Use Table: Prices and Demand.The Toronto Maple Leafs have a monopoly on Leafs logo hats.The marginal cost of producing a hat is $18.How much is producer surplus at the Leafs' profit-maximizing output?

• A) $24
• B) $18
• C) $12
• D) $9

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