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:

Subjects' Behaviour

Examination of how research participants act or respond during experiments or studies.

Hypothesis

A proposed explanation for a phenomenon, based on previous observations, that can be tested through experimentation or observation.

Objective Manner

Acting or making decisions based on unbiased criteria and facts rather than personal feelings or opinions.

Double-blind Procedure

A research method in which neither the participants nor the experimenters know which participants belong to the control group and which belong to the experimental group.