Multiple Choice
Refer to the following:
The market demand for a monopoly firm is estimated to be:
where
is quantity demanded, P is price, M is income, and
is the price of a related good. The manager has forecasted the values of M and
will be $50,000 and $20, respectively, in 2015.
-For 2015, the inverse demand function is
A) Q = 300 -0.005P.
B) P = 600- 0.001Q.
C) P = 300 - 0.002Q.
D) P = 600 - 0.004Q.
E) none of the above
Correct Answer:

Verified
Correct Answer:
Verified
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