A Profit-Maximizing, Monopolistically Competitive Restaurant Serves 60 Burgers a Day

question 53

Multiple Choice

A profit-maximizing, monopolistically competitive restaurant serves 60 burgers a day at a total cost of $180 and earns a total profit of $180.In the long run, everything else equal, the

• A)restaurant will charge more than $6 per burger.
• B)restaurant's average total cost will rise and its total revenue will fall.
• C)restaurant will sell more burgers at a lower average profit per burger.
• D)All of the above are correct.

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Definitions:

Function

In programming, a named section of a code that performs a specific task; in mathematics, a relation between a set of inputs and a set of permissible outputs.

Insert Options

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AVERAGE Function

A function in spreadsheet programs that calculates the mean value of a range of cells, providing a summary statistic of the data set.

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