Econ Final Test Online

Econ Final Test Online - Econ Final 1) Under pure monopoly,...

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Econ Final 1) Under pure monopoly, a profit-maximization firm will produce in the elastic range of its demand curve. . 2) At which combination of price and marginal revenue (P, MR) is the price elasticity of demand greater than 1 P15 and MR 8 3) Suppose a monopolist produces output where total revenue is maximized. At that output, the price elasticity of demand for the monopolist's output is: Great or equal to one? NOT SURE 4) Was a chart $20-$18 Answer was 30 ? 5) Was a chart $10-$12 +$120 6) A monopolist can sell 20 toys per day for $8.00 each. To sell 21 toys per day, the price must be cut to $7.00. The marginal revenue of the 21st toy is: -$13 7) Is a chart. Equilibrium price of the monopolists will be 2.50 ? 8) It’s a chart. What is the profit maximization output and price for this monopolist? P=$14; Q=4 9) It is chart: The profit-maximization monopolist in it will set its price at 0G 10) Its another chart: In the short run, this monopolists will: Produce OC 11) Chart: On the graph above, what is the profit-maximizing level of output for a pure monopolist? B
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Econ Final Test Online - Econ Final 1) Under pure monopoly,...

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