Price and cost (dollars per appointment) 70 60 50 40 30 20 10 MR 10 Quantity (appointments per hour) Use the figure above to answer this question. Mary is the only veterinarian in a small town and rents a space for her practice. If Mary's landlord decided to charge per hour in rent, Mary would O $20 more; earn $0 economic profit O $20 more; still earn an economic profit because she is a monopolist O $30 more; earn $0 economic profit O $10 less; raise her prices and earn a higher profit O $30 more; operate on the inelastic portion of her demand curve
Price and cost (dollars per appointment) 70 60 50 40 30 20 10 MR 10 Quantity (appointments per hour) Use the figure above to answer this question. Mary is the only veterinarian in a small town and rents a space for her practice. If Mary's landlord decided to charge per hour in rent, Mary would O $20 more; earn $0 economic profit O $20 more; still earn an economic profit because she is a monopolist O $30 more; earn $0 economic profit O $10 less; raise her prices and earn a higher profit O $30 more; operate on the inelastic portion of her demand curve
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter3: Your Role As A Consumer
Section: Chapter Questions
Problem 5AA
Related questions
Question
Answer the attached question
![Price and cost (dollars per appointment)
70
60
50
40
30
20
10
MR
10
Quantity (appointments per hour)
Use the figure above to answer this question. Mary is the only veterinarian in a small town and
rents a space for her practice. If Mary's landlord decided to charge
per hour in rent, Mary
would
O $20 more; earn $0 economic profit
O $20 more; still earn an economic profit because she is a monopolist
O $30 more; earn $0 economic profit
O $10 less; raise her prices and earn a higher profit
O $30 more; operate on the inelastic portion of her demand curve](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9991a504-0368-43f9-9f1e-2817a3d1e71d%2F9f60643a-b6a9-41de-92ae-ba0566fedcc4%2F2m0p2c2_processed.png&w=3840&q=75)
Transcribed Image Text:Price and cost (dollars per appointment)
70
60
50
40
30
20
10
MR
10
Quantity (appointments per hour)
Use the figure above to answer this question. Mary is the only veterinarian in a small town and
rents a space for her practice. If Mary's landlord decided to charge
per hour in rent, Mary
would
O $20 more; earn $0 economic profit
O $20 more; still earn an economic profit because she is a monopolist
O $30 more; earn $0 economic profit
O $10 less; raise her prices and earn a higher profit
O $30 more; operate on the inelastic portion of her demand curve
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