In a Market with the Inverse Demand Curve P =

question 19

Multiple Choice

In a market with the inverse demand curve P = 10 - Q, Brand X is a monopolist with no fixed costs and with a marginal cost of $2.If marginal cost rises to $4, by how much will the price of Brand X rise?

• A)$2.
• B)$1.
• C)$3.
• D)$0; the firm is already charging the monopoly price.
• E)None of the above.

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Definitions:

RuntimeException

A type of unchecked exception in Java that indicates errors that can occur during the execution of a program and are not checked at compile-time.

Checked

In the context of exceptions in Java, it refers to exceptions that are checked at compile-time, requiring explicit handling in the code.

Interface

A programming construct that specifies a set of methods a class must implement without providing the method implementations.