a natural monopoly is quizlet

MR is less than price and declines as output rises because a monopolist must lower the price to sell more units. should not/price effect Which of the following is an example of an ownership-specific advantage? are more appropriate measures of short-term liquidity than the other ratios. and piles of debt. Imagine that BYOB charges $2.75 per can. Musashi's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Which of the following is considered a nonrenewable resource? The price of each good is $10. Economic costs include implicit costs but not explicit costs. Please refer to the appropriate style manual or other sources if you have any questions. d. There will still be enough left, since one person cannot make a major impact. \end{array} Current trends suggest that early internationalizing firms will ________. Profit (Dollars) (TR - TC) .1 & .8 & .1 All firms (except firms operating in a perfectly competitive market) exercise monopoly power, not just monopolistic firms. Which one of the following is the most accurate description of a monopolist? Revenue Lost = (Intial price - New Price) * Initial quantity ________7. Which of the following is an element that brings about a competitive advantage more at the national level than at the individual company level? Which of the following explains Amazons actions? If a country has a high level of income, it likely has: If a country has a high level of income, it: If a country has a high level of growth in income, it: If a country's income is rapidly increasing: The factors that led a country to its current economic level: Exploiting a nonrenewable natural resource is likely to: Altering the demographic of your workforce in a manner that increases the labor force, like raising a legal minimum retirement age, is likely to: The convergence theory is based on the idea of: When a country adds more capital to its existing stock: When a country continually adds more capital to its existing stock: Countries that start with very little physical capital will get a: The basic idea behind the convergence theory is: According to convergence theory, countries that start out poor should initially grow: When looking at real world data, we see that: A reduction in current consumption to pay for the investment in capital intended to increase future production is known as the: For a country to acquire more physical capital: If a country devotes its resources to acquiring more physical capital: Savings that pay for capital investment can come from: 121. In the long run which of the following is true? Imagine that BYOB cannot price discriminate; that is, it sells its beer at the same price per can to all customers. Evaluate the following statement: "Price discrimination is not possible when a good is sold in a perfectly competitive market." \quad & (g) \quad 3,400 & \text{Common Stock}\\ Industrial cluster refers to a concentration of businesses, suppliers, and supporting firms in the same industry at a particular geographic location, characterized by a critical mass of human talent, capital, or other factor endowments. Once it becomes obvious that a common resource is being overused. MR = Change in TR / Change in Q. $$ in web servers in exchange for common stock. The following graph shows the demand curve Musashi faces. Which of the following is an example of an industrial cluster? _______ Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. One day, a giant meteorite falls on her property, making a large crater. Occasionally, _________________ may lead to pure monopoly; in other market conditions, they may limit competition _________________ . City Gas is a natural monopoly that supplies natural gas to a particular city. WildSunAirlinesInc.DivisionalIncomeStatementsFortheYearEndedDecember31,2014, PassengerDivisionCargoDivision\begin{array}{lrr} The form of legal protection intended to prevent reproduction of original works is referred to as ______________ law. When a monopolist increases sales by one unit. C. is about half the size of the population of the United States. .tg {border-collapse:collapse;border-spacing:0;} If it was possible for one company to gain ownership control all of the uranium processing plants in the US, then, In the United States, a pharmaceutical company's exclusive patent rights last for. _______, Quantity demanded (Cans) International entrepreneurship is a new field of scholarly inquiry that is a result of the ________ phenomenon. In the long run, the entry of new firms in an industry, A perfectly competitive industry achieves allocative efficiency when. Which of the following is an example of a factor that a firm's owners and managers can control in making the firm successful? Thecompanypaid$4,800cashinadvanceforprepaidinsurancecoverage._______2. Which one is it? a. of economies of scale. Perfect competition and monopolies are opposite market structures. Profits are larger in monopolies (3B) Imagine that a technological innovation decreases BYOB's costs so that it now faces the marginal cost (MCMC) and average total cost (ATCATC) given on the following graph. B) True, because perfectly competitive firms have no market power When one person uses a common resource and he diminishes other people's enjoyment of it, it is an example of, The Tragedy of the Commons will be evident when a growing number of sheep grazing on the town commons leads to a destruction of the grazing resource. According to Michael Porter, a nation's factor endowments help determine its ________. (Crystal/Alyssa), Ana owns a plot of land in the desert that isn't worth much. According to the internationalization process model, a firm advances to the ________ stage by initiating limited international activity, typically in the form of basic exporting. The figure below shows the demand curve and the long run average cost curve for an electric company. A. oligopoly B. patent C. monopoly D. monopolistic competition, Which of the following is most unlikely to present a barrier to entry into a market? The price of a seller's product in perfect competition is determined by. Which of the following is true about networks? Flge. Comparison of perfect competition and monopoly. .tg .tg-7btt{border-color:inherit;font-weight:bold;text-align:center;vertical-align:top} Scheduled maintenance: Thursday, December 8 from 5PM to 6PM PST B. Explain. c. the firm that introduces a product is granted a patent. physical and intellectual variation as a natural and normal part of human existence Robert Butler first used the term _____ in 1969 after being inspired to study how older people were treated in society when his teachers in medical school used rude and sarcastic terms as they talked about older patients and their medical conditions. _______ If the ATC is higher than price at the quantity sold the firm experiences a loss. In the event that Only1Corp. - Is the demand curve. An example of a nonrenewable resource would be: Which of the following is not a nonrenewable resource? Which of the following can be said about Howard? D) None of these choices, B) True, because perfectly competitive firms have no market power, Price discrimination is the practice of selling the same good at more than one price when the price differences are not justified by cost differences. When the absence of property rights causes a market failure, the government can potentially solve the problem, property of a good whereby a person can be prevented from using it, property of a good whereby one person uses diminishes other peoples use, a common resource (fish in the sea, environment, congested nontoll roads) is what type of good. Profit (Dollars) (TR - TC) Suppose that a firm in a competitive market succeeds in producing a superior product and selling it at a price that generates a large demand. Your friend Brian says that since BYOB is a monopoly with market power, it should charge a higher price of $3.00 per can because this will increase BYOB's profit. C) Europe has had strong aggregate demand and low unemployment rates. (2) Market A: Quantity 10 Price $5 \quad & (f) \quad 900 & (f) \quad 900 & (c) \quad 900\\ \end{matrix} This happens because there is only one firm involved in the market that sets the prices if and when it feels like it. _______ .tg th{border-color:black;border-style:solid;border-width:1px;font-family:Arial, sans-serif;font-size:14px; Mortgage loan of $271,000. A monopolist's profit-maximizing price and output correspond to the point on a graph. 3,000.00 -1000.00 4125.00 $(P=$ principal, $R=$ rate, $T=$ time $)$ Identify the explanation from 1 through 7 below that best describes each transaction a through g reflected in the T-accounts, and enter that letter in the blank space in front of each numbered explanation. Which of the following is true with regard to competitive advantage? $$. If, for a given output level, a perfectly competitive firm's price is less than its average variable cost, then the firm. * PassengerDivisionCargoDivision, Revenues$3,025,000$3,025,000Operatingexpenses2,450,0002,736,000Incomefromoperationsbeforeservicedepartmentcharges$575,000$289,000Less:ServicedepartmentchargesTraining$125,000$125,000Flightscheduling108,000108,000Reservations151,200384,200151,200384,200Incomefromoperations$190,800$(95,200)\begin{array}{lrrrrr} Thecompanypaid$3,400cashforequipment.________7. Anatomy Test. Find Cheap Flights with easyJet Over the last 25 years easyJet has become Europes leading short-haul airline, revolutionising European air travel by allowing passengers to book cheap flights across Europes top flight routes, connecting more than 30 countries and over 100 cities.Were not only committed to providing low-cost flight tickets, but also providing a great service to and (g) \quad 3,400 & \quad\\ After staying home in the 1990s and early 2000s to take care of his children, Howard wants to go back to work in the phone repair business. This information reflects the demand curve and the average cost curve for a firm that is a natural monopoly. (7A)Consider the daily market for hot dogs in a small city. ______________ a. has a perfectly inelastic demand curve. The figure above shows the market for natural gas in the city of Lucknow. In which of the following stages of the internationalization process is a firm preoccupied with business in its home market? _______2. \end{bmatrix} b. government intervention can potentially raise economic well-being. This week we will expand the basic monopoly model to cover these cases and The following graphs show daily demand (DD) curves and marginal revenue (MRMR) curves for the two markets. A firm that has monopoly power is a price maker, not a price taker. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2016 and 2017. c. the total benefit must exceed the total cost. Prop 30 is supported by a coalition including CalFire Firefighters, the American Lung Association, environmental organizations, electrical workers and businesses that want to improve Californias air quality by fighting and preventing wildfires and reducing air pollution from vehicles. *Write the word name for the number. Quantity (Millions of therms) Price ($ per therm) Total Cost (million $) 1 48 35 2 44 64 3 38 90 4 30 113 5 20 133 6 8 150 An unregulated monopoly will have a ____ of ____. Thecompanypaid$900cashtowardaccountspayable. Trouvez aussi des offres spciales sur votre htel, votre location de voiture et votre assurance voyage. Government ______________ regulations specify that inventors will maintain exclusive legal rights to their respective inventions for ______________ . An example of government investment in physical capital to increase business productivity is: Many governments are currently investing in: Some people attribute the rapid growth of the East Asian economies in the 1980s and 1990s to: The idea that governments can plan growth by setting industrial policies to encourage growth of certain industries: An example of U.S. foreign direct investment would be: Factories owned by U.S. firms on the Mexican side of the U.S.-Mexico border are: Ensuring that high-quality public education is freely available to all children is one of the most important ways that a country can: Using public policy to promote health can: Using public policy to promote health can contribute to growth because: Of the $400 billion a year that goes into research and development in the United States, about: One way the government can encourage economic growth is to: The enforcement of contracts by the government: Effective, stable leadership is essential to: The trade-off between physical capital and current consumption: Alexander Holmes, Barbara Illowsky, Susan Dean, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams, Don Herrmann, J. David Spiceland, Wayne Thomas. \$ 14,890 & 11.2 \% & 3\ \mathrm{mo}\end{array} E) They Diet Coke ________ considered a product in a monopoly market, because ________. He captured all the elements of the Stoic natural law theory (1) natural law reflects the cosmic order of nature and is not human-made (2) we do not need wise men to tell us about the natural law, for reason reveals its principles (3) natural law is moral law; hence it cannot be repealed or altered by legislation (4) natural law is morally binding on rulers and subjects alike, though it Which of the following statements is true? \end{array} c. free-riders make it difficult for private markets to supply the socially optimal quantity. _____________ and __________________ refer to the quantity and price at a point in time. (4) Ana charges a lower price in the market with a relatively _________ price elasticity of demand. According to the comparative advantage principle, what matters most is the absolute cost of production of the product and not the relative efficiency with which a country can produce the product. Which of the following statements would be supported by Michael Porter? If monopolists are able to produce fewer goods and sell them at a higher price than they could under perfect competition, the result will be, The two primary factors determining monopoly market power are the firm's. Price discrimination is the practice of selling the same good at more than one price when the price differences are not justified by cost differences. Not Reported on Statement or in Notes ________5. The companys fiscal year-end is December 31. - Demand curve for an individual firm in a perfect competitive market is horizontal at the market price. a. a common resource is rival in consumption. If a monopolist increases quantity by one unit, but sells the increased output at a slightly lower price. a. too few resources are devoted to the good. overflow:hidden;padding:10px 5px;word-break:normal;} , Find the interest in each exercise below. d. the international organization formed to patrol the oceans is totally ineffective. Which of the following was the analysis revealed by the "Leontief paradox"? The monopoly is also a price maker, so it sets the price to go along with the quantity. D. Take advantage of the concept of marginal cost pricing. A deadweight loss occurs in a monopoly and not in a perfectly competitive markets. .3 & .3 & .4 \\ ________3. Corrections? _______ A) They were the first group to grow up in the Internet era. Use the following information to compute profit margin for each separate company a through e. Which of the five companies is the most profitable according to the profit margin ratio? commerce clause, provision of the U.S. Constitution (Article I, Section 8) that authorizes Congress to regulate Commerce with foreign Nations, and among the several States, and with Indian Tribes. The commerce clause has been the chief doctrinal source of Congresss regulatory power over the economy of the United States. Thecompanypaid$900cashtowardaccountspayable.________6. _______ .tg td{border-color:black;border-style:solid;border-width:1px;font-family:Arial, sans-serif;font-size:14px; When private costs differ from social costs, which of the following must be present? Which of the following is true with regard to mercantilism? The reduction of consumer surplus without a corresponding increase in profit when a perfectly competitive firm is monopolized. A natural monopoly is protected from competitors; This problem has (4) high. The ________ is one of the three key modern perspectives that helps explain the development of national competitive advantage. The following graph shows the marginal cost (MCMC), marginal revenue (MRMR), average total cost (ATCATC), and demand (DD) for beer in this market. Quantity demanded (Cans) Utility companies What qualities would ideally suit a monopolistic firm with regard to barriers to entry? \text{Abstract of title:} & \$120\\ The objective is to maximize profits. 3) The firm must be able to prevent resale of the product. For both public goods and common resources, an externality arises because. \text{Attorney fee:} & \$250\\ _______ Recall that MR = p for a firm in a perfectly competitive market. D. None of these is true., Economic growth means: A. healthier citizens. National defense is a classic example of a public good because. c. private costs differ from social costs. _______ Rservez des vols pas chers sur easyJet.com vers les plus grandes villes d'Europe. (2)Imagine now that Ana decides to charge a different price in each market. The following divisional income statements were prepared: WildSunAirlinesInc.DivisionalIncomeStatementsFortheYearEndedDecember31,2014\begin{array}{c} The project was completed in 2018 after additional costs of$3,800,000 were incurred. What is always true at the quantity where a firm's average total cost equals average revenue? Refer to the table below. (high/low), (1) 16 Updates? Low-cost labor and inexpensive capital are examples of a firm's competitive advantage. (1B) Imagine that a technological innovation decreases BYOB's costs so that it now faces the marginal cost ( MC ) and average total cost ( ATC ) given on the following graph. D) None of these choices, B) True, because this prevents the low-price segment of the market from reselling to the high-price segment, Alyssa and Crystal are debating the use of coupons by grocery stores. If the use of a common resource is not regulated, Each of the following would be considered a common resource EXCEPT, In almost all cases, the problem with overuse of common resources is that. Peet's Coffee and Teas produces some flavorful varieties of Peet's brand coffee. d. Martin's lighthouse would be considered a common resource. Antitrust laws exist that forbid monopolization, even though it does not always forbid monopolies. Cailey_Wilson1. Which of the following is an implicit cost of production? \text{Income from operations}&&\underline{\underline{\$\hspace{15pt}190,800 }}&&\underline{\underline{\$\hspace{10pt}(95,200)}}\\ Meanwhile, other firms are trying to regain their market shares through research and development. A. France sold the Louisiana Territory to GB. A natural monopoly is most likely to occur in which of the following industries? CashWebServers(a)6,000(b)4,800(a)12,000(e)4,500(d)800AccountsPayable(f)900(f)900(c)900(g)3,400CommonStockSupplies(a)25,600(c)900ServicesRevenuePrepaidInsurance(e)4,500(b)4,800SellingExpensesEquipment(d)800(a)7,600(g)3,400\begin{matrix} French 2 Final 2016. Suppose the equilibrium price in a perfectly competitive industry is $15 and a firm in the industry charges $21. A perfectly competitive firm's marginal revenue, If, for a perfectly competitive firm, price exceeds the marginal cost of production, the firm should. Study with Quizlet and memorize flashcards containing terms like When a good is excludable it means that a. one person's use of the good diminished another persons ability to use it. Which one is it? \hspace{10pt}\text{Reservations}&\underline{\hspace{15pt}151,200}&\underline{\hspace{20pt}384,200}&\underline{\hspace{15pt}151,200}&\underline{\hspace{20pt}384,200}\\ ______________ 3,437.50 Letters are used to represent the terms used to answer this question: price (P), quantity of output (Q), total cost (TC) and average total cost (ATC). D) They are the least educated generation to date. Natural monopoly is a monopoly in an industry in which it is most efficient. (7B)Assume that one of the hot dog vendors successfully lobbies the city council to obtain the exclusive right to sell hot dogs within the city limits. To remedy the presence of a negative externality such as pollution in a market, the government may choose to impose a, Market failure with common resources occurs because. English. \text{Processing fee:} & 1.10\% \text{ of mortgage}\\ \hline }\\ }\\ Study with Quizlet and memorize flashcards containing terms like The cost of cleaning up pollution can be measured by all of the following EXCEPT _________., Which of the following statements best describes the minimum wage?, Which of the following is NOT an obstacle to the implementation of environmentally sustainable business practices? Alexander Holmes, Barbara Illowsky, Susan Dean, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. d. a firm controls a scarce resource. c. there is limited space on the streets for taxis. 1687.50 (Price discrimination) a private good ( ice cream cones, clothing, congested toll roads) is what type of good? Nations running a trade surplus ________. The value of human capital can decrease when: Human capital contributes to growth because it helps workers in the economy: One explanation for the growth in the U.S. economy over the last 100 years is: A century ago, the average person in America completed only around ____ years of school; today, the average is more than _____ years of school. .tg .tg-9353{border-color:inherit;font-weight:bold;text-align:center;text-decoration:underline;vertical-align:top} Interpret the profit margin ratio for company c. Assume the following T-accounts reflect Belle Co.s general ledger and its first seven transactions a through g, which are posted to them. _______ Total Revenue (Dollars) (P*Q) When a natural monopoly exists in a given industry, the per-unit costs of production will be. A natural monopoly occurs when the quantity demanded is ________ the minimum quantity it takes to be at the bottom of the long-run average cost curve. c. ship captains have incentives to use lighthouses without paying. A.an industry where fixed costs are very large relative to variable costs B.the pharmaceutical industry because the development and approval of new drugs through the Food and Drug Administration can take more than 10 years \text{Equipment} & \quad & (d) \quad 800\\ If assembly labor costs $16.00 per hour, determine the direct labor cost budget for 2014. Suppose you have used a randomized block design to help you compare the effectiveness of three different treatments: A, B, and C. You obtained the data given in the table and plan to conduct a Friedman $F_r$-test. _______ Study with Quizlet and memorize flashcards containing terms like Which of the following is most likely a characteristic of Generation Xers? The fixed cost of production is $20,000. b. assigning property rights to individuals. How is discarding of a plant asset different from selling a plant asset? In the matter of regulating commerce with foreign nations, the supremacy as well as the exclusivity of the federal government is generally understood. Adam Smith attacked the mercantilist view by suggesting that nations benefit most from free trade. \text{Less: Service department charges}\\ Which of the following is an example of human capital? Study with Quizlet and memorize flashcards containing terms like Question: Sandy is about to graduate from Excellent University with an MBA . Total Revenue (Dollars) (P*Q) The following table shows a monopolist's demand curve and cost information for the production of its good. When an average cost price rule regulation is imposed, the price per household per month is? c. property rights are not well established. Study with Quizlet and memorize flashcards containing terms like C, A, A and more. b. it is difficult to exclude people from receiving the benefits from national defense once it is provided. The slope of the demand curve for a monopoly firm is, For a monopolistic firm, the demand for its product is. Read the ATC carefully and correct!!! (b) \quad 4,800 & \quad & \text{Selling Expenses }\\ C. would be used in direct finance. Imagine that BYOB cannot price discriminate; that is, it sells its beer at the same price per can to all customers. -Charge different rates for different customers and more. }\\ A monopoly is the only seller of a product. Market B: Quantity 6 Price $3 A MESSAGE FROM QUALCOMM Every great tech product that you rely on each day, from the smartphone in your pocket to your music streaming service and navigational system in the car, shares one important thing: part of its innovative design is protected by intellectual property (IP) laws. be bidirectional with one country exporting products to the Which of the following is not a characteristic of a perfectly competitive market structure? Study with Quizlet and memorize flashcards containing terms like Which of the following best explains a result of the Seven Years' War (French and Indian War)? Musashi __________ increase production from 5 to 6 fire engines because the __________ dominates in this scenario. B. using a (3) Nondiscriminatory (16 total tickets) $4 = $64 Each diary requires assembly. -750. If a firm holds a pure monopoly in the market and is able to sell 4 units of output at $2.00 per unit and 5 units of output at $1.75 per unit, it will produce and sell the fifth unit if its marginal cost is, __________________ law implies ownership over an idea or concept or image. Total cost (Dollars) (ATC *Q) The company received \$4,500 cash for services provided}\\ Assume that this change doesn't affect demand and that the new monopoly's marginal cost curve corresponds exactly to the supply curve on the previous graph. If the North American newsprint paper market has barriers to entry, then. 750 Externalities are present in a market whenever. Which of the following describes a situation in which every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing it? \text{Documentation stamp:} & 0.3\% \text{ of mortgage}\\ Basic research is a public good because it. 2.75 $$. An increase in a firm's fixed cost will not change the firm's profit-maximizing output in the short run. Market structure During 2016, costs of$2,000,000 were incurred, with estimated costs of $4,000,000 yet to be incurred. A. Exists whenever demand curve is downward-sloping. What characteristics do public goods and common resources have in common? For only $1,000, an investor can obtain a small percentage of his future earnings. Why does a monopoly cause a deadweight loss? Earn an economic profit. The value and cost of goods provided in an economy are easier to determine when those goods are. Thecompanypaid$3,400cashforequipment. Given the summary table of the two different market structures, you can infer that, in general, the price is higher under a ___________ (monopoly/ competitive market) , and the quantity is higher under a ______________ (monopoly/ competitive market). Technology, and an abundance of natural resources, were the driving forces behind the Industrial Revolution in the United States. Study with Quizlet and memorize flashcards containing terms like A financial intermediary: A. is an agency that guarantees a loan. Quantity demanded (Cans) A natural monopoly is a legal monopoly that occurs because of high start-up costs or economies of scale. Economists generally agree with_______. C. Omissions? One reason for this difference in price is. A free-rider problem exists for any good that is NOT, When a good is excludable but not rival, it is an example of a. A monopoly firm produces a smaller quantity and charges a higher price than a perfectly competitive market (when the industries have identical costs). According to the internationalization process model, a firm starts out in a pre-export phase and is preoccupied with business in its home market. Is Peet's a monopoly? Is this firm a monopolist? The Tragedy of the Commons for sheep grazing on common land can be eliminated by the government doing each of the following EXCEPT. \begin{array}{lllllllll} _______ For a perfectly competitive firm, which of the following is not true at profit maximization? What price will it charge? Can ear above-normal profits in the long-run. Read the ATC carefully and correct!!! Paid cash toward accounts payable Discriminatory____________________(tickets * new price) + (tickets * new price) Countries with low levels of GDP per capita usually also have: An example of a renewable resource would be: Which of the following is not considered a renewable resource: Which of the following is not considered a renewable resource? Study with Quizlet and memorize flashcards containing terms like D, A, C and more. Necessary Conditions The following figure shows the average cost curve, demand curve, and marginal revenue curve for a monopolist. Evaluate the following statement: "Price discrimination is possible only if no one can easily resell the good." Mercantilism benefits consumers because restricting imports increases the choice of domestic products they can buy. $$ ________6. The firm wishes to issues additional bonds to the public at face value. On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. The Gulf nations benefit economically from rich petroleum reserves in the region. 12,056,039 f a firm holds a pure monopoly in the market and is able to sell 5 units of output at $4.00 per unit and 6 units of output at $3,90 per unit, it will produce and sell the sixth unit if its marginal cost is. }\\ Study with Quizlet and memorize flashcards containing terms like Define 'barriers to entry', Define 'barriers to exit', Define 'contestable market' and more. If the information pertains to the demand curve and the long run average cost curve for an electric company that is a natural monopoly, then what quantity will be produced in this market? has received confirmation of the registration for its latest drug patent application, it will have created a monopoly for that product by restricting. Price Quantity Which one of the following about a monopoly is false? C. GB and Spain established an alliance. A perfectly competitive firm produces 3,000 units of a good at a total cost of $36,000. a) $60 and 20,000 This problem has been solved! C) set its price. b. is a price taker. 1,000.00 Total Revenue (Dollars) (P*Q) font-weight:normal;overflow:hidden;padding:10px 5px;word-break:normal;}