The figure above shows the situation facing Smart Digit, Inc, a firm in monopolistic competition that produces calculators. What is the firm's profit-maximizing price?
A) $12
B) $10
C) $8
D) $4
B
Economics
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A profit-maximizing firm in a competitive market will continue to hire more workers when
A) the marginal factor cost exceeds the marginal revenue product of the additional workers. B) the marginal factor cost equals the marginal revenue product of the additional workers. C) the marginal factor cost is less than the marginal revenue product of the additional workers. D) the marginal factor cost is less than zero.
Economics
The use of large amounts of labor relative to capital in an economy indicates: a. labor-intensive production
b. capital-intensive production. c. that wage rates will be relatively high. d. that hand-made goods are of better quality than machine-made goods.
Economics