Question

Use the cost and revenue data to answer the questions.

Quantity	Price	Total revenue	Total cost
1010	9090	900900	675675
1515	8080	12001200	825825
2020	7070	14001400	10251025
2525	6060	15001500	12501250
3030	5050	15001500	15001500
3535	4040	14001400	18501850

If the firm is a monopoly, what is marginal revenue when quantity is 2525 ?

MR = $

Not a valid number

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x10^y

What is marginal cost when quantity is 1515 ?

MC = $

Not a valid number

tools

x10^y

If this firm is a monopoly, at what quantity will marginal profit be $0.00?

quantity =

Not a valid number

tools

x10^y

If this is a perfectly competitive market, which quantity will be produced?

quantity =

Not a valid number

tools

x10^y

Comparing monopoly to perfect competition, which of the statements are true? Select all that apply.

The monopoly is likely to be less responsive to consumers.

The perfectly competitive market's ouput is lower.

The monopoly's price is higher.

Answer 1