The Following Table Shows the Quantity Demanded of a Good

The following table shows the quantity demanded of a good at various prices for a monopoly firm.
Table 11-1 $$\begin{array} { | c | c | } \hline \text { Quantity } & \text { Price } \\\hline 1 & \$ 90 \\\hline 2 & \$ 80 \\\hline 3 & \$ 70 \\\hline 4 & \$ 60 \\\hline 5 & \$ 50 \\\hline 6 & \$ 40 \\\hline 7 & \$ 30 \\\hline 8 & \$ 20 \\\hline 9 & \$ 10 \\\hline\end{array}$$
-Refer to Table 11-1.If the marginal cost of producing each unit is $30,what is the firm's profit-maximizing level of output?

A) 3
B) 4
C) 5
D) 7

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free