Holt 7525-9 S15_IT

2.
Price
Quantity
Deadweight
Loss
3. Rent seeking may take the form of lobbying, campaign contributions, public relations efforts,
etc. Rent seeking is socially wasteful because limited resources are being used, not to
produce goods and services, but to attempt to redistribute income. If the rent seeking is
successful, the government restraints on competition are also likely to be economically
inefficient.
Table for Multiple Choice Questions 6. through 9.:
Price Quantity Total Revenue Marginal Revenue
$40 0 $0 X
38 1 38 $38
36 2 72 34
34 3 102 30
32 4 128 26
30 5 150 22
28 6 168 18
Table for Multiple Choice Questions 13. through 16.:
Quantity TC MC Price TR MR
10 $475 X $64.50 $645 X
11 490 $15 60 660 $15
12 510 20 56 672 12
13 535 25 52 676 4
14 565 30 48 672 - 4
15 600 35 44 660 - 12
16 640 40 40 640 - 20
FOR REVIEW ONLY - NOT FOR DISTRIBUTION
MR
MC
D
Monopoly 22 - 16