This graph represents the cost and revenue curves of a firm in a perfectly competitive market.According to the graph shown, what is the market price?

Using the above table, a unit tax of $2 is imposed on the product. How much of the tax is paid by the producer?

A) $2 B) $1 C) $3 D) unable to determine

Explain how a monopolist can increase profits by price discriminating. What are the conditions necessary for price discrimination?

What will be an ideal response?