QUESTION 8 Kim is a cook that makes really unique egg rolls and she is the only person selling these egg rolls. Assume Kim's demand is linear and that she profit maximises. Select the item from the list provided to make the following statements true: Kim's egg roll business operates in a monopoly because 1. is less than 2. profit 3. there are close substitutes 4. is greater than 5. there is only one seller 6. dead weight loss 7. is equal to ✓ Kim is profit maximising implying that she is producing at where her marginal revenue her marginal cost of production. If Kim were to produce where her marginal cost intersects the demand curve for her egg rolls, she would be maximising 8. she is a price taker 9. there are many sellers 10. revenue 11. consumer surplus 12. is exactly twice of
QUESTION 8 Kim is a cook that makes really unique egg rolls and she is the only person selling these egg rolls. Assume Kim's demand is linear and that she profit maximises. Select the item from the list provided to make the following statements true: Kim's egg roll business operates in a monopoly because 1. is less than 2. profit 3. there are close substitutes 4. is greater than 5. there is only one seller 6. dead weight loss 7. is equal to ✓ Kim is profit maximising implying that she is producing at where her marginal revenue her marginal cost of production. If Kim were to produce where her marginal cost intersects the demand curve for her egg rolls, she would be maximising 8. she is a price taker 9. there are many sellers 10. revenue 11. consumer surplus 12. is exactly twice of
Chapter14: Monopoly
Section: Chapter Questions
Problem 14.4P: Suppose the market for Hula Hoops is monopolized by a single firm. a. Draw the initial equilibrium...
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![QUESTION 8
Kim is a cook that makes really unique egg rolls and she is the only person selling these egg rolls. Assume Kim's demand is linear and
that she profit maximises.
Select the item from the list provided to make the following statements true:
Kim's egg roll business operates in a monopoly because
1. is less than
2. profit
3. there are close substitutes
4. is greater than
5. there is only one seller
6. dead weight loss
7. is equal to
8. she is a price taker
9. there are many sellers
Kim is profit maximising implying that she is producing at
where her marginal revenue
her
marginal cost of production.
✓ If Kim were to produce where her marginal cost intersects
the demand curve for her egg rolls, she would be
maximising
10. revenue
11. consumer surplus
12, is exactly twice of](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ad4bc70-c5ba-4945-b1ba-39fa9c18a139%2Ff304be04-681f-46fe-b6a1-a82eb52df774%2F2rocqmu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION 8
Kim is a cook that makes really unique egg rolls and she is the only person selling these egg rolls. Assume Kim's demand is linear and
that she profit maximises.
Select the item from the list provided to make the following statements true:
Kim's egg roll business operates in a monopoly because
1. is less than
2. profit
3. there are close substitutes
4. is greater than
5. there is only one seller
6. dead weight loss
7. is equal to
8. she is a price taker
9. there are many sellers
Kim is profit maximising implying that she is producing at
where her marginal revenue
her
marginal cost of production.
✓ If Kim were to produce where her marginal cost intersects
the demand curve for her egg rolls, she would be
maximising
10. revenue
11. consumer surplus
12, is exactly twice of
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