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If It Costs $8 to Produce a Certain Product and the Product

Question 170

Multiple Choice

If it costs $8 to produce a certain product and the product sells for $9,then


A) the markup is approximately 11.1 percent
B) the market for this product must be monopolistic
C) the markup is $1
D) firms in this industry should shut down to minimize their losses
E) the revenue gained from the last unit produced is $1

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