At the Profit-Maximizing Level of Output,the Amount by Which the Firm

question 26

Multiple Choice

At the profit-maximizing level of output,the amount by which the firm can mark up price is:

• A)inversely related to the price elasticity of demand for item in question.
• B)directly related to the price elasticity of demand for item in question.
• C)totally unrelated to the price elasticity of demand for item in question.
• D)equal to the ratio of the marginal and average costs of production.

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