Answered: Price ($/unit) 20 18 16 20 14 12 10 8 4…

Business

Economics

Price ($/unit) 20 18 16 20 14 12 10 8 4 2 0 1 2 3 4 5 6 7 Quantity (units/day) 8 9 10

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 16AA

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Question

Refer to the demand curve in the figure above. Assume the monopolist equilibrium price is $6 per unit of output. This monopolist will sell _____ units. A perfectly competitive market will sell _____ units and charge ____ price than the monopolist.

A. 6; 6; the same

B. more than 6; 6; a higher

C. less than 6; more than 6; a lower

D. 6; more than 6; a lower

Price ($/unit)
20
18
16
20
14
12
10
8
4
2
0
1 2
3
4 5 6 7
Quantity (units/day)
8 9
10

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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