Refer to the above table. What does the marginal physical product equal when the amount of labor goes from 10 to 11 units?

You work as a marketing analyst for a pharmaceutical firm, and you are trying to gather information about the marginal cost of production for a competing firm

You know that they have a patent on a popular medication that sells for $20 per dose, and you believe the elasticity of demand for this product is roughly -4. Assuming the competing firm acts as a profit-maximizing monopolist, what is the competing firm's approximate marginal cost of production? A) $10 per dose B) $12.50 per dose C) $15 per dose D) $20 per dose

What is the most important characteristic of monopolistic competition? How do firms behave differently from perfect competitors?

What will be an ideal response?