Author Question: A monopoly firm can sell its fourth unit of output for a price of 250 . In order to sell more than ... (Read 287 times)

appyboo · **on:** Jun 30, 2018

A monopoly firm can sell its fourth unit of output for a price of 250 . In order to sell more than five units, it must expect to receive a price:
a. equal to 250.
b. greater than 250.
c. less than 250.
d. equal to 340.
e. the price is impossible to calculate with the information given.

Question 2

If I buy 3 cups of coffee, paying 1 for each cup, and I would have been willing to pay up to 3 for the first cup, up to 2 for the second cup, and up to 1 for the third cup, then my consumer surplus is:
a. 6.
b. 5.
c. 3.
d. 2.
e. 1.