Suppose a Single-Price Monopoly Sells 3 Units of a Good

question 14

Multiple Choice

Suppose a single-price monopoly sells 3 units of a good at $20 per unit.If the monopoly sells 4 units,the total revenue increases to $72.What price is being charged for 4 units?

• A) $52 each
• B) $18 each
• C) $60 each
• D) $12 each
• E) $20 each

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Definitions:

Arithmetic Average

Another term for the mean, calculated as the sum of all values divided by the number of values.

Frequency Value

The count of how many times a specific data point or value appears within a dataset.

Central Tendency

A measure that represents the center or typical value of a dataset, which includes the mean, median, and mode.

Median

The median is found by organizing a series of numbers from smallest to largest and identifying the central number.