The good example of an oligopolistic industry in Canada is

A. grocery stores

B. farming

C. automobile production

D. gas stations

Suppose a monopolist can sell 5,000 units at a price of $12. Lowering price by $2 raises the quantity demanded by 500 units. What is the change in the monopolist's total revenue that results from this price change?

Select one:

A. $4,000

B. $10,000

C. $55,000

D. -$5,000

The Figure illustrates a product being produced under monopoly. What area in the figure represents the profits earned at the profit maximizing level of output?

Select one:

A. area P2CAP1

B. area BCA

C. area 0P1BQ1

D. area P1P2CB