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

question 208

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,the price effect is a(n) _____ in total revenue of _____.

• A) decrease;$20
• B) increase;$20
• C) decrease;$8
• D) increase;$8

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Definitions:

Aggregation

In psychology, a method involving the combination of multiple measurements or observations over time to obtain a more reliable estimate of a trait or behavior.

Random Errors

Errors in measurement or observation that arise from unpredictable and uncontrollable variations, leading to a lack of consistency.

Case Study Method

A research approach that involves the intensive analysis of an individual unit (such as a person or a group) to explore and understand complex issues.

Generalizable

The characteristic of research findings or statistical outcomes that can be applied to broader populations beyond the sample studied.