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Home Flashcards JohnAbel's Study Deck Quiz Me

Question

Use the following figure depicting demand, marginal revenue and marginal cost to answer the following question.

Short description: A graph plots Q against dollars. Long description: The horizontal axis representing Q ranges from 0 to 3500, in increments of 500. The vertical axis representing dollars ranges from 0 to 240, in increments of 20. The graph shows three lines. The line representing MC passes through the following points: (0, 0), (500, 40), (1500, 120), (2000, 160), and (2500, 200). The line representing MR passes through the following points: (0, 240), (750, 180), (1500, 120), (2000, 80), and (3000, 0). The line representing D passes through the following points: (0, 240), (1000, 200), (1500, 180), (2000, 160), and (3000, 120). The line, MC intersects the line, MR and line, D at points (1500, 120) and (2000, 160). Two vertical dashed lines are drawn from 1500 and 2000 to meet the line, D. Two horizontal dashed lines are drawn from 160 and 180 to meet the line D. A horizontal dashed line is drawn at 120 to meet the intersection of MC and MR. Note: All values are approximate.

FIGURE 12-5

Refer to Figure 12-5. The diagram represents a monopoly. The equilibrium quantity is



▸ less than 1000 units.

▸ 2000 units.

▸ 1000 units.

▸ more than 2000 units.

▸ 1500 units.
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