A Monopolist Faces the Inverse Demand Curve P = 64

question 12

Multiple Choice

A monopolist faces the inverse demand curve p = 64 -2q.At what level of output is his total revenue maximized?

• A)24
• B)26
• C)8
• D)32
• E)16

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Definitions:

Taft-Hartley Act

A 1947 federal law in the United States that acts as an amendment to the National Labor Relations Act, placing restrictions on labor unions, including prohibiting certain union practices and expanding the rights of employers.

National Boycott

A collective action by a group of people or organizations refusing to use, buy, or deal with products or services as a form of protest, typically on a national scale.

Union Demands

The requirements or conditions put forth by a labor union during negotiations with employers, regarding wages, benefits, working conditions, and other employment terms.

Wagner Act

Also known as the National Labor Relations Act of 1935, it established the legal right for workers to form unions, engage in collective bargaining, and take collective action in the United States.