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 = $42 when 3 haircuts are produced.
ii.If the firm charges each customer the same price for a haircut,the price of a haircut is $14.
iii.The firm's economic profit is $12.
Definitions:
Ending Inventory
Ending inventory refers to the total value of goods available for sale at the end of an accounting period.
Exchange Rates
The price at which one currency can be exchanged for another currency, which can fluctuate based on economic factors.
Journal Entries
Records of financial transactions in the accounting system, showing the accounts affected and whether they are debited or credited, to maintain the integrity of financial statements.
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