What will be the price and quantity sold

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Question: Consider this demand curve. A line graph depicting a demand curve and marginal cost. Access image details Demand curve and marginal cost line graph. The x-axis is labeled quantity and runs from 0 to 45 in increments of 5. The y-axis is labeled price and runs from $0 to $90 in increments of $10. One line is labeled demand curve and has a downward slope from left to right. The second line is labeled marginal revenue and also has a downward slope from left to right, but with a steeper slope than the demand curve. Marginal cost is depicted as a horizontal line at $20. The data for the demand curve is as follows. Quantity Price 0 $80 5 $70 10 $60 15 $50 20 $40 25 $30 30 $20 35 $10 40 $0 The data for the marginal revenue line is as follows. Quantity Price 0 $80 2 $70 5 $60 7 $50 10 $40 12 $30 15 $20 17 $10 20 $0 A monopolist faces this demand curve and incurs a cost of $20 for each unit it sells. What will be the price and quantity sold?

Reference no: EM133706735

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