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The below Figure shows cost and demand curves for a monopolistically competitive producer of iced-tea Use the Figure to answer question 15 through 18 What is the profit-maximizing output level

The below Figure shows cost and demand curves for a monopolistically competitive producer of iced-tea. Use the Figure to answer question 15 through 18

What is the profit-maximizing output level?

   

A.22 cases

B.  

24 cases

C.  

30 cases

D.  

38 cases

What is the firm's profit-maximizing price?

  A

12

  B

13

  C

14

  D

16

At the profit-maximizing output level the firm will
      
A. earn a profit of $176.
      
B. break even.
      
C. earn a profit of $88.
      
D. earn a profit of $60

Based on the diagram, one can conclude that

   

A. some existing firms will exit the market.

B.  

new firms will enter the market.

C.  

the industry is in long-run equilibrium.

D.  

firms achieve productive efficiency

Apr 29 2020 View more View Less

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