The Figure Above Shows a Monopoly's Total Revenue and Total

question 178

Multiple Choice

The figure above shows a monopoly's total revenue and total cost curves.
-Using the figure above,which of the following statements are correct?
i.When 3 haircuts are produced,the firm's ATC is $10.
ii.If the firm charges each customer the same price for a haircut,the price of a haircut is $14.
iii.The firm is NOT a perfect competitor.

• A) i only
• B) ii only
• C) i and ii
• D) i and iii
• E) i, ii, and iii

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Definitions:

Rule Consequentialists

Philosophers or ethical theorists who believe that adherence to beneficial rules or norms yields the best consequences.

Absolute

Something that is considered to be universal, unconditional, and complete in itself, often used in the context of truth or moral principles.

Utilitarian Theory

A normative ethical theory that posits the best action is the one that maximizes utility, typically defined as that which produces the greatest well-being of the greatest number of people.

Interests

Concerns, benefits, or advantages of a person or group.