Refer to the scenario above. If Joseph prefers more money to less, ________.
A) he will not accept any offer made by Phillip
B) he will always accept any offer made to him
C) Phillip will offer the lowest possible amount to Joseph
D) he will accept the offer only if Phillip pays him an equal share of the money
Question 2
A price searcher faces the following demand function: At 7, 6, 5, 4, and 3, the quantity demanded is 300, 400, 500, 600, and 700 units respectively. If the firm's marginal cost is 300 at any level of output, it would maximize net revenues by
A) producing 400 units and charging 6.
B) producing 500 units and charging 5.
C) producing 600 units and charging 4.
D) producing 700 units and charging 3.
