Refer to the graph shown. The profit-maximizing monopolist would sell its output at price:

A. P1.
B. P2.
C. P3.
D. P4.

Answer: B

Economics

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Which of the following would lead to a decrease in the supply of crude oil?

A) Favorable tax breaks for oil companies B) An increase in the demand for crude oil C) An increase in the price of gasoline D) Both A and C. E) None of the above.

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"Duty-free" shops in airports and on international boats sell merchandise that can be brought into the country without which of the following?

(A) Restrictions on resale (B) Political embargoes (C) Import tariffs (D) Restrictions on quantity

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