Question 1
Refer to the information provided in Table 13.1 below to answer the question(s) that follow.
Refer to Table 13.1. 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?
◦ $4,800
◦ $5,600
◦ $6,000
◦ $8,400
Question 2
Refer to the information provided in Table 13.1 below to answer the question(s) that follow.
Refer to Table 13.1. 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?
◦ $2,500
◦ $5,000
◦ $15,400
◦ Indeterminate from the given information.
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