The figure above shows a monopoly's total revenue and total cost curves.
-Using the figure above,which of the following statements are correct?
i.MR = MC when 3 haircuts are produced.
ii.If the firm charges each customer the same price for a haircut,the price of a haircut is $42.
iii.The firm's MC equals $30.
Definitions:
Cognitive Approach
A psychological perspective that emphasizes mental processes such as perception, memory, and problem-solving.
Dreaming
A series of thoughts, images, and sensations occurring in a person's mind during sleep, often symbolic or seemingly nonsensical.
Modification
The process of changing or altering something in order to improve it or to accommodate new conditions.
Hypnosis
A trance-like state of focused attention and increased suggestibility, often used for therapeutic purposes.
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