Economic 201 (Ch. 15) - Review Assessment Chapter 15...

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Review Assessment: Chapter 15 Submitted 3/16/08 9:47 PM Name Chapter 15 Status Completed Score 11 out of 15 points Time Elapsed 0 hours, 33 minutes, and 55 seconds out of 1 hours and 45 minutes allowed. Instructions Note, you can open the quiz only once. Good luck. Question 1 0 out of 1 points The following table shows quantity, price, and marginal cost information for a monopoly. What price should the firm charge to maximize its profit? Q P MC 0 10 -- 1 9 3 2 8 4 3 7 5 4 6 6 5 5 7 6 4 8 Selected Answer: $4 Correct Answer: $7 Question 2 1 out of 1 points Figure 15-6 Refer to Figure 15-6 . The deadweight loss caused by a profit-maximizing monopoly amounts to Selected Answer: $250. Correct Answer: $250. Question 3 0 out of 1 points Figure 15-3 The figure below illustrates the cost and revenue structure for a monopoly firm.
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Refer to Figure 15-3 . A profit-maximizing monopoly's total cost is equal to Selected Answer: (P 1 - P 0 ) Q 2 . Correct Answer: P 0 Q 2 .
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