A monopolist faces a market demand curve with a constant elasticity of -2. The monopoly's production function is Q = 4L and its output price is given by p. What is the monopoly's marginal revenue product of labor function?

List the economic functions of governments

What will be an ideal response?

In the real world

A) many firms charge different prices based on consumers' willingness to pay. B) all sellers charge one price set by the government. C) profitable sellers will set one price based on the average elasticity of demand of buyers. D) all sellers charge one price equal to the marginal cost of production.