A single-price monopoly has marginal revenue and marginal cost equal to $19 at 15 units of output where the price on the demand curve is $38. At what price will this firm sell the output?
A) $19
B) $38
C) $285
D) $570
E) There is not enough information given to answer the question.
B
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An economist estimates the value of a nature preserve by calculating the price premium people pay for houses located adjacent to the preserve. This is an example of what type of economic valuation?
a. Hedonic pricing b. Production function valuation c. Contingent valuation d. Travel cost method e. Engineering cost valuation
In the short run, a perfectly competitive profit maximizing firm that has not shut down
A) is operating on the downward-sloping portion of its AVC curve. B) is operating at the minimum of its AVC curve. C) is operating on the upward-sloping portion of its AVC curve. D) is not operating on its AVC curve. E) can be at any point on its AVC curve.