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.When 3 haircuts are produced,the firm's ATC is $10.
ii.If the firm charges each customer the same price for a haircut,the price of a haircut is $14.
iii.The firm's is NOT a perfect competitor.
Definitions:
Compounded Monthly
A method of calculating interest where the interest earned each month is added to the principal, compounding the amount on which future interest is calculated.
Compounded Semi-annually
The process of adding interest to the principal sum of a loan or deposit on a twice-yearly basis, resulting in interest on interest.
Payments
Amounts of money paid by one party to another, often at regular intervals, in exchange for goods or services.
Repaid
The act of paying back money that was borrowed from a person, bank, or financial institution.
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