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The graph below shows the situation for a monopolist. A, B, C, and D are values on the axes; and E, F, and G are
The graph below shows the situation for a monopolist. A, B, C, and D are values on the axes; and E, F, and G are the names of particular curves. In addition, H, I, and J are areas, which are defined as follows: H = D x B (In other words, H is the combination of the Area | + Area J) I = D x C J = D x (B-C) A Demand Curve F J (area) Cost Per Unit, or Price ............. I (area) E G D Output (or Quantity)Output (or Quantity) Answer each of the questions below by choosing the one of the letters A-J. If you answers are correct then each of the letters will be used once and only once. (1 point each) : Which curve is the marginal revenue curve? A. A : Which curve is the marginal cost curve? B- B : Which curve is the Average Cost Curve? C- C : How much of the product will the monopolist produce? D' D _ g What will be the price of the product that the monopolist E' E sells? F. F _ g How much money will the monopolist collect in terms of (3, G revenue? H. H e What will the costs be for the monopolist? |. | e What will be the monopolist's prots? J_ J e What is the average cost of the product? _ g What price would be so high that no one would pay for the product at that price or at any higher price
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