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Welcome to the Q&A for ECN/APEC 2010, where you can ask questions and receive answers from your fellow students, the TA, and your professor.

Please only ask questions about the material for the course. Try to create discussions about the material we see in class, instead of just thinking of economics in general (this is an introduction to microeconomics class, not a policy or government class).

For questions and discussions about course organization or other course related topics, come see us after class or during office hours.

Feel free to discuss quiz questions on the Q&A, but do not provide direct answers to quiz questions before the quiz's due date.

Practice quiz 13, question 7

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Refer to the figure. In order to maximizing its profit, this monopolist will set its price at ____.

how do you answer this? the answer is 140

asked May 1 by canvas-e415876b4fe9a (251 points)

1 Answer

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he will set it at 140 because its the demand that is wanted for the product. He will set it at the highest possible to get the most money.
answered May 1 by canvas-98fa74eec54bd (240 points)
This is because the monopolist has market power so he is able to set the price higher than it would be in a competitive market.
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