Question :
51) Suppose the Busy Bee Café the monopoly producer of : 1238797
51) Suppose the Busy Bee Café is the monopoly producer of hamburgers in Hugo, Oklahoma. The above figure represents the demand, marginal revenue, and marginal cost curves for this establishment. What price will the Busy Bee charge to maximize its profit?
A) $5.00 for a hamburger
B) $3.00 for a hamburger
C) $2.00 for a hamburger
D) $1.00 for a hamburger
E) $4.00 for a hamburger
52) Suppose the Busy Bee Café is the monopoly producer of hamburgers in Hugo, Oklahoma. The above figure represents the demand, marginal revenue, and marginal cost curves for this establishment. In order to maximize profit, the Busy Bee produces ________ hamburgers per hour and sets a price of ________ per hamburger.
A) 20; $3.00
B) 20; $1.00
C) 30; $2.00
D) 30; $4.00
E) 50; $5.00
53) Suppose the Busy Bee Café is the monopoly producer of hamburgers in Hugo, Oklahoma. The above figure represents the demand, marginal revenue, and marginal cost curves for this establishment. If the Busy Bee produces 40 hamburgers per hour, then
A) marginal revenue will exceed marginal cost.
B) profit will be maximized.
C) marginal revenue will be negative.
D) marginal revenue will be maximized.
E) both the marginal revenue and the price will be negative.
54) The figure above shows the demand, marginal revenue, and marginal cost curves for Paul’s Parrot Pillows, a single-price monopoly producer of pillows stuffed with parrot feathers. When Paul maximizes his profit, he produces ________ pillows per hour.
A) 1,000
B) 3,000
C) 4,000
D) 0
E) 2,000
55) The figure above shows the demand, marginal revenue, and marginal cost curves for Paul’s Parrot Pillows, a single-price monopoly producer of pillows stuffed with parrot feathers. When Paul maximizes his profit, the price per pillow is
A) $70.
B) $60.
C) $40.
D) $100.
E) $30.
56) The figure above shows the demand, marginal revenue, and marginal cost curves for Paul’s Parrot pillows, a single-price monopoly producer of pillows stuffed with parrot feathers. When Paul maximizes his profit, the difference between marginal cost and price
A) $0.
B) $40.
C) $60.
D) $30.
E) $20.
57) The figure above shows the demand, marginal revenue, and marginal cost curves for Paul’s Parrot pillows, a single-price monopoly producer of pillows stuffed with parrot feathers. When Paul maximizes his profit, the price is ________ per pillow and the marginal cost is ________ per pillow.
A) $60; $60
B) $60; $40
C) $70; $60
D) $70; $40
E) $100; $40
58) The figure above shows the demand, marginal revenue, and marginal cost curves for Paul’s Parrot pillows, a single-price monopoly producer of pillows stuffed with parrot feathers. When Paul maximizes his profit, his total economic profit is
A) $60.
B) $405.
C) $0.
D) $210,000.
E) unknown because more information is needed to determine Paul’s profit.
59) In the above figure, the profit-maximizing output for this single-price monopoly is ________ units and the price is ________.
A) 200; $10
B) 300; $20
C) 500; $50
D) 200; $30
E) 300; $30
60) A single-price monopoly has marginal revenue and marginal cost equal to $19 at 15 units of output where the price on the demand curve is $38. At what price will this firm sell the output?
A) $19
B) $38
C) $285
D) $570
E) There is not enough information given to answer the question.
