Use the Following to Answer Questions

question 214

Multiple Choice

Use the following to answer questions:
Figure: The Market for Gas Stations
-(Figure: The Market for Gas Stations) Look at the figure The Market for Gas Stations. Assume that the market for gas stations is characterized by many firms, differentiated products, easy entry, and easy exit. The typical gas station will maximize profits at a quantity of:

• A) Q₁.
• B) Q₂.
• C) Q₃.
• D) Not enough information is given to answer the question.

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Definitions:

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