Multiple Choice
Which of the following is a correct statement?
A) The lower the marginal cost, the higher the profit-maximizing price.
B) The lower the average cost, the higher the profit-maximizing price.
C) The less elastic the demand, the higher the profit-maximizing markup.
D) The more elastic the demand, the higher the profit-maximizing markup.
Correct Answer:
Verified
Correct Answer:
Verified
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