Use the figure below to answer the following questions.

Figure 13.2.2
-Refer to Figure 13.2.2. If the single-price monopoly shown in Figure 13.2.2 is maximizing profit, what is total economic profit?
A)$3
B)$4
C)$6
D)$9
E)$7

Question

Use the figure below to answer the following questions.
  
Figure 13.2.2
-Refer to Figure 13.2.2. If the single-price monopoly shown in Figure 13.2.2 is maximizing profit, what is total economic profit?
A)$3 
B)$4 
C)$6 
D)$9 
E)$7

Quizplus · Accepted Answer

The total economic profit for a single-price monopoly is calculated as (Price - Average Total Cost) x Quantity. Based on the information provided, the correct calculation results in an economic profit of $6.

Use the Figure Below to Answer the Following Questions