Table 16-7 a Monopolistically Competitive Firm Faces the Following Demand Schedule for Schedule

question 274

Multiple Choice

Table 16-7
A monopolistically competitive firm faces the following demand schedule for its product. In addition, the firm has total fixed costs equal to 20.
-Refer to Table 16-7. If the firm has a constant marginal cost of $7 per unit, how much profit will the firm earn at the profit-maximizing level of output?

• A)$24
• B)$25
• C)$41
• D)$66

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