Use the Following to Answer Questions

question 166

Multiple Choice

Use the following to answer questions:
Figure: The Restaurant Market
-(Figure: The Restaurant Market) The figure The Restaurant Market shows curves facing a typical restaurant. Assume that many firms, differentiated products, and easy entry and exit characterize the restaurant market. For the restaurant shown here, the profit-maximizing price is:

• A) P₁.
• B) P₂.
• C) P₃.
• D) Not enough information is given to answer the question.

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