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Suppose a monopoly firm produces bicycles and can sell 10 bicycles per month at a price of $700 per bicycle. In order to increase sales by one bicycle per month, the monopolist must lower the price of its bicycles by $50 to $650 per bicycle. The marginal revenue of the 11th bicycle is

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Answer:

$150

Explanation:

A monopoly is when there's only one firm operating in an industry

Marginal revenue is the change in revenue when one extra unit of a product is sold.

=( $700 × 10) - (650 × 11) = $150

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