When a Certain Monopoly Sets Its Price at $8 It

question 6

Multiple Choice

When a certain monopoly sets its price at $8 it sells 64 units. When the monopoly sets its price at $9 it sells 62 units. The marginal revenue for the firm over this range is

• A)$18.
• B)$23.
• C)$46.
• D)$92.

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Definitions:

Minimal Government

A political philosophy that advocates for a government with the least amount of power necessary to maintain social order and protect individual rights.

Anarchy

A state of confusion and social disorder where, in lieu of a ruling government, everyone is allowed to or is able to do whatever he or she wants.

Theocracy

Rule by (i.e., leadership of the society accorded to) the most powerful religious people. (Literally, “rule by God.”)

Religious Figure

An individual who is recognized within a religion for their sanctity, leadership, or spiritual insight.