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Author Question: A monopoly produces and sells 300 units of its product for 8 per unit. If the total cost incurred by ... (Read 93 times)

bio_gurl

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on: Jun 29, 2018
A monopoly produces and sells 300 units of its product for 8 per unit. If the total cost incurred by the monopoly is 1,800, determine its profit or loss.
 
  What will be an ideal response?

Question 2

Fill in the blank: According to your textbook authors, ________ is a key condition for competition to occur.
 
  A) government regulation of price
  B) government regulation of output
  C) preservation of profit
  D) freedom of entry


guyanai

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Profits = Total revenue - Total cost = 2,400 - 1,800 = 600.

Answer to Question 2

D


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