Dee's TV Repair is the only TV repair shop in a small town. Dee is a single-price monopolist
Based on the demand and cost information in the table above, what is the amount of economic profit made or loss incurred at the quantity of TV repairs that profits are maximized or losses minimized? A) -$400
B) $800
C) -$100
D) $200
D
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The law of diminishing marginal utility explains why:
A. supply curves slope upward. B. demand curves slope downward. C. addicts can never get enough. D. people will only consume their favorite goods and not try new things.
We can find the market supply for phones by:
A. adding all of the prices at which sellers are willing to sell phones. B. multiplying the number of sellers by the number of consumers. C. adding the number of phones buyers want to buy at each price level. D. adding the individual supply curves for phones.