Revenue
and costs
$34
29.50
27
21
13
MC
ATC
MR
600 800 940 1160
Demand
Quantity
Refer to the figure above for a diagram of a monopoly firm. Based on the diagram above, choose the correct answer for each of
the following questions.
1. The profit maximising quantity is [Select]
2. The profit maximising price is [Select]
3. At the profit maximising level, the monopolist's total revenue is [Select]
4. At the profit maximising level, the monopolist's total cost is [Select]
5. At the profit maximising level, the monopolist makes an economic profit of [Select]
6. In the long run, [Select]
