Profit for the Dew Drop Inn Country Diner Is Given

question 38

Multiple Choice

Profit for the Dew Drop Inn Country Diner is given by p = -0.1q₂ + 1.80q + 100, where p is profit and q is the number of customers.What number of customers maximizes profit?

• A)100
• B)900
• C)300
• D)9

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Definitions:

Potential Competitors

Firms or individuals that are not currently in the market but have the ability to enter and compete in the future.

Oligopolistic Industry

A market structure characterized by a small number of firms dominating the market, leading to strategic interactions in pricing and output.

Economic Efficiency

A situation where the distribution of resources is designed to enhance the production of goods and services maximally.

Demand Conditions

Factors that affect consumer desire for a product or service, including income levels, tastes, and price of substitutes.