At $6 per steak, consumers are willing to buy two steaks. At a price of $2, consumers are willing to buy six steaks. The elasticity of the market demand curve between P = $6 and P = $2 (dropping all minus signs) is

Refer to the figure above. If the monopolist faces a constant marginal cost of $2, at what price should it sell its output?

A) $2 B) $6 C) $10 D) $12

Economic theory asserts that:

a. both implicit costs and explicit costs are relevant in decision making. b. only implicit costs are relevant in decision making. c. only explicit costs are relevant in decision making. d. a cost to be incurred in the future should count more heavily than a cost incurred today