Question 1
Refer to the information provided in Table 13.3 below to answer the question(s) that follow.
Refer to Table 13.3. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $1 per unit of providing the product, what is the most the monopoly would expend in rent-seeking activity?
◦ $300
◦ $600
◦ $900
◦ $1,000
Question 2
Refer to the information provided in Table 13.3 below to answer the question(s) that follow.
Refer to Table 13.3. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $1 per unit of providing the product, what is the societal loss associated with the monopoly?
◦ $0
◦ $225
◦ $450
◦ Indeterminate from the given information.
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