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1. A monopoly produces widgets at a marginal cost of $10 per unit and zero fixed costs. It faces an inverse demand function given by P = 50 - Q. Which of the following is the marginal revenue function for the firm? A. MR = 60 - 2Q B. MR = 50 - Q C. MR = 100 - Q D. MR = 50 - 2Q 2. A firm with market power has an individual consumer demand of Q = 20 - 4P and costs of C = 4Q. What is optimal price to charge for a block of 20 units? A. $18 B. $36 C. $72 D. $90.

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