The Demand for a Monopolist's Output Is 6,000/(p + 2)²

question 62

Multiple Choice

The demand for a monopolist's output is 6,000/(p + 2) ², where p is the price it charges.At a price of $3, the elasticity of demand for the monopolist's output is

• A)-1.
• B)-2.20.
• C)-1.20.
• D)-1.70.
• E)-0.70.

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Definitions:

Subjective Idealism

The view that nothing exists except ideas and minds. The eighteenth-century idealist George Berkeley held the extreme position of subjective idealism, which, simply summarized, insisted that “to be is to be perceived” (esse est percipi). According to Berkeley, it makes no sense to believe in the existence of anything that we cannot experience.

Western Metaphysical Tradition

A lineage of philosophical inquiry in the West that deals with fundamental questions of existence, reality, and knowledge.

Most Real

This term is likely to refer to the philosophical notion of ultimate reality or truth, the most fundamental and true nature of existence as opposed to appearances or perceptions.

Plato

An ancient Greek philosopher, student of Socrates, and teacher of Aristotle, known for his contributions to philosophy, mathematics, and the concept of forms.