Suppose that a single firm is a monopolist in a market with the demand function P=200-20. The monopolist has total fixed cost of TFC = 100 and total variable cost of TVC= 200. The monopolist charges a single price in the market (i.e., no price discrimination). Answer the following questions, and write your answers in the Answer Sheet. What is the monopolist's profit function (II, should be a function of Q)? What is the monopolist's profit-maximizing output (Q)? What is the price (P) associated with that output? What is the monopolist's profit (II), based on its profit-maximizing choice? Note: the profit function should be an equation, but the other answers should be numbers. TRANSIS 29) The vigor of Intellectual Property Rights protection is highly related to a country's stage of A) economic development B) cultural heterogeneity C) natural resource development D) standardization of patent regulations 30) Since the late 1980s, the growing emergence of freer markets has been powered by the realization that A) economic growth is directly related to economic freedom B) economic growth has a limited effect on the standard of living C) adoption of free market principles contributes to social injustices D) centrally planned economies are best designed to deliver progress 31) Some countries opt for a mixed economic system in the belief that although an economic system should aspire to achieve the efficiencies created by free markets, it must also support policies to A) destabilize poverty rates B) achieve low unemployment C) restrict economic growth D) inequitably distribute wealth 32) Country X is in the process of transforming from a command economy to a market economy. This process most likely involves A) standardized procedures implemented by the state B) high economic growth rates for the long term C) privatization of many factors of production D) violent political and legal upheaval 33) In a country that practices state capitalism, all of the following are most likely to be handled by the state EXCEPT A) leveraging control of the financial system B) developing national corporations C) supporting the local activities of foreign competitors D) systematically managing trade relations 34) In computing GNI, the value of a Ford car that is manufactured in Mexico using capital from the United States would A) be added to the GNI of the United States as well as to the GNI and GDP of Mexico B) not be added to the GNI of the United States but would be added to the GNI of Mexico C) only affect the computation of GDP and have no bearing on GNI D) be added to the GNI of the United States but not the GNI of Mexico 35) The measure of the value of production that occurs within a country's borders without regard to whether the production is done by domestic or foreign factors of production is its A) net national product (NNP) B) gross national product (GNP) C) gross domestic product (GDP) D) gross national income (GNI)