The Table Given Below Shows the Prices Charged and Marginal

question 49

Multiple Choice

The table given below shows the prices charged and marginal cost incurred by a monopolist for different units of output.Table 11.3

-If a monopolist is producing at the profit-maximizing level of output, what price will it charge?

• A)The price given by the marginal-revenue curve at that level of output.
• B)The price given by the marginal-cost curve at that level of output.
• C)The price given by the average-cost curve at that level of output.
• D)The price given by the average-revenue curve at that level of output.
• E)The price given by the total revenue curve at that level of output.

---

Definitions:

Implied

Understood or inferred without being stated directly.

Liquidated Damages

Liquidated damages are predetermined damages agreed upon by parties in a contract, to be paid if one party breaches the agreement.

Free-Will

The concept that humans have the ability to make choices that are not predetermined by past events or divine intervention.

Ordinary Circumstances

Conditions or situations that are considered usual or normal within a specific context or environment.