Price Quantity Demanded $10 0 $9 10 $8 20 $7 30 $6 40 $5 50 $4 60 Reference: Ref 13-7 Table: Lunch (Table: Lunch) Use Table: Lunch. This table shows market demand for picnic lunches for people taking all-day rafting trips on the river. Joe has a firm providing this service, and his marginal cost and average cost for each lunch are a constant $4. If Joe is a monopolist, what is consumer surplus in the long run? Select one: a. $45 b. $90 c. $360 d. $180
Price Quantity Demanded $10 0 $9 10 $8 20 $7 30 $6 40 $5 50 $4 60 Reference: Ref 13-7 Table: Lunch (Table: Lunch) Use Table: Lunch. This table shows market demand for picnic lunches for people taking all-day rafting trips on the river. Joe has a firm providing this service, and his marginal cost and average cost for each lunch are a constant $4. If Joe is a monopolist, what is consumer surplus in the long run? Select one: a. $45 b. $90 c. $360 d. $180
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Price | Quantity Demanded |
---|---|
$10 | 0 |
$9 | 10 |
$8 | 20 |
$7 | 30 |
$6 | 40 |
$5 | 50 |
$4 | 60 |
Reference: Ref 13-7 Table: Lunch
(Table: Lunch) Use Table: Lunch. This table shows market demand for picnic lunches for people taking all-day rafting trips on the river. Joe has a firm providing this service, and his marginal cost and average cost for each lunch are a constant $4. If Joe is a monopolist, what is
Select one:
a. $45
b. $90
c. $360
d. $180
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