I would like to know if I got the right answer and an explanation to better understand. thank you. **Title: Understanding Single Price Monopoly for Maximizing Profit****Exhibit 24-3: Graph Analysis**The graph in Exhibit 24-3 illustrates various economic curves:1. **Demand (D)**: Downward sloping line showing the quantity demanded at different prices.2. **Marginal Revenue (MR)**: Downward sloping line that lies below the demand curve.3. **Marginal Cost (MC)**: Upward sloping line, intersecting both the ATC and MR curves.4. **Average Total Cost (ATC)**: U-shaped curve that intersects the MC curve.**Key Points on the Graph:**- The intersection of the Marginal Cost (MC) and Marginal Revenue (MR) curves determines the profit-maximizing quantity (Q1).- At quantity Q1, the corresponding price (P1) is determined by the demand curve (D).- The Average Total Cost (ATC) at Q1 gives the cost per unit.**Question Analysis:**Refer to Exhibit 24-1. If the product is produced under single price monopoly, what quantity will be produced and what price will be charged in order to maximize profit? Options:a) Q3 units at P3b) Q3 units at P4c) Q2 units at P2d) Q1 units at P1**Answer:**To maximize profit in a single price monopoly, the firm will produce at the quantity where Marginal Cost (MC) equals Marginal Revenue (MR), which is Q1 units. At Q1, the corresponding price read off the demand curve (D) is P1. Therefore, the correct answer is:d) Q1 units at P1.

A monopoly is a market structure where there are only one seller and many buyers. The seller has…

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14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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