# 17. Question 17 Table 15-9 Consider the following demand and cost information for a monopoly....

## Question:

Consider the following demand and cost information for a monopoly.

At the profit-maximizing price, how much profit will the monopoly earn?

A. $10

B. $12

C. $14

D. $8

## Monopolist's Profit:

A monopolist firm is the one with a single seller selling a unique product. The profit of a monopolist firm is determined at the point where the marginal cost equals the marginal revenue.

## Answer and Explanation: 1

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Q | P | TC | MC | TR | MR | Profit |
---|---|---|---|---|---|---|

0 | 32 | 6 | 0 | -6 | ||

1 | 28 | 20 | 14 | 28 | 28 | 8 |

2 | 24 | 34 | 14 | 48 | 20 | 14 |

3 | 20 | 48 | 14 | 60 | 12 | 12 |

4 | 16 | 62 | 14 | 64 | 4 | 2 |

5 | 12 | 76 | 14 | 60 | -4 | -16 |

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What is a Monopoly in Economics? - Definition & Impact on Consumers

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Chapter 7 / Lesson 2
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Understand the meaning of a monopoly in economics and what it does. Also, know the characteristics of a monopoly and the different types of monopolies.

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