Price Should Be

question 22

Multiple Choice

Price should be

• A)determined by equating average cost and marginal cost to determine quantity and then setting the price using that quantity and the demand curve.
• B)determined by equating marginal revenue and average revenue to determine quantity and then setting the price using that quantity and the demand curve.
• C)determined by equating marginal revenue and marginal cost to determine quantity and then setting the price using that quantity and the demand curve.
• D)determined by equating marginal revenue and long-run average cost to determine quantity and then setting the price using that quantity and the demand curve.

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Definitions:

Real Values

Numbers that can be found on the number line including both rational and irrational numbers, but not imaginary numbers.

Quadratic Equation

An equation of the form ax^2 + bx + c = 0, where a, b, and c are constants and a ≠ 0.

Real Solutions

Solutions classified as real are the values which satisfy an equation that belong to the set of real numbers, excluding any imaginary or complex numbers.

Graphing Calculator

A portable device designed to graph functions, solve equations with multiple variables, and execute additional variable-related operations.