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

question 53

Multiple Choice

The figure above shows a monopoly's total revenue and total cost curves.
-Using the figure above,which of the following statements is (are) correct?
i.MR = MC when 3 haircuts are produced.
ii.If the firm charges each customer the same price for a haircut,the price of a haircut is $42.
iii.The firm's MC equals $30.

• A) i only
• B) ii only
• C) i and ii
• D) i and iii
• E) None of the above is correct.

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Definitions:

Proletariat

The class of workers who do not own the means of production and must sell their labor to survive, often discussed in Marxist theory.

Means Of Production

The facilities and resources for producing goods, often discussed in economics and Marxist theory as owned by different classes in society.

Organic Analogy

A concept in sociology that compares societies to living organisms, where different parts function interdependently to maintain the whole.

Human Body

The physical structure of a human being, consisting of a skeletal framework, muscular system, and various organs, functioning as an integrated whole.