Suppose a Monopolistically Competitive Firm's Output Where Marginal Revenue Equals

question 267

Multiple Choice

Suppose a monopolistically competitive firm's output where marginal revenue equals marginal cost is 66 units and the price corresponding to this quantity is $18.If the average total cost at this output is $16.55, then its total profit is

• A)$1,188.
• B)$1,092.30.
• C)$95.70.
• D)$1.45.

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Definitions:

Special Product Pattern

Formulas that provide shortcuts for expanding certain types of binomials or polynomials.

Polynomial

An algebraic expression consisting of variables and coefficients, involving only the operations of addition, subtraction, multiplication, and non-negative integer exponents.

Exponent

A mathematical notation indicating the number of times a number is multiplied by itself.

Polynomials

An algebraic expression composed of variables and coefficients, structured as the sum of terms, where each term includes a variable raised to a non-negative integer power.