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:
Metropolitan Statistical Area
A geographical region with a relatively high population density at its core and close economic ties throughout the area, often used for statistical purposes.
Urbanized Area
A geographic region characterized by high population density and vast human features in comparison to areas surrounding it, often including cities and towns.
Economic Integration
Refers to agreements between nations to reduce barriers to trade and invest more freely among each other.
Blended Family
A family formed by merging two previously separated units into a single household.
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