Price and cost (dollars per appointment) 70 60 50 40 30 20 10 MR 10 Quantity (appointments per hour) Use the figure above to answer this question. Mary is the only veterinarian in a small town and rents a space for her practice. If Mary's landlord decided to charge per hour in rent, Mary would O $20 more; earn $0 economic profit O $20 more; still earn an economic profit because she is a monopolist O $30 more; earn $0 economic profit O $10 less; raise her prices and earn a higher profit O $30 more; operate on the inelastic portion of her demand curve

Price and cost (dollars per appointment) 70 60 50 40 30 20 10 MR 10 Quantity (appointments per hour) Use the figure above to answer this question. Mary is the only veterinarian in a small town and rents a space for her practice. If Mary's landlord decided to charge per hour in rent, Mary would O $20 more; earn $0 economic profit O $20 more; still earn an economic profit because she is a monopolist O $30 more; earn $0 economic profit O $10 less; raise her prices and earn a higher profit O $30 more; operate on the inelastic portion of her demand curve

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter3: Your Role As A Consumer

Section: Chapter Questions

Problem 5AA

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