Question : 54) The figure above shows the demand, marginal revenue, and : 1241238

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.

61) A single-price monopoly has marginal cost of $23 and marginal revenue of $28. Which of the following is definitely correct?

A) It is maximizing profit.

B) To increase profit, it should produce less.

C) To increase profit, it should produce more.

D) It should shut down.

E) It is making an economic profit.

62) A profit-maximizing output for a single-price monopoly is determined by the intersection of the ________ curves and the profit-maximizing price is found on the ________ curve.

A) marginal cost and marginal revenue; marginal revenue

B) marginal cost and marginal revenue; demand

C) total revenue and total cost; total revenue

D) marginal cost and average total cost; demand

E) demand and supply; supply

63) For a single-price monopoly,

A) if marginal cost exceeds marginal revenue, profits will increase if output decreases.

B) if marginal revenue exceeds marginal cost, profits will increase if output decreases.

C) there are several different price and output combinations that maximize profit.

D) marginal revenue will be greater than price if demand is elastic.

E) marginal revenue will be greater than price if demand is inelastic.