Multiple Choice
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.
A) i only
B) ii only
C) i and ii
D) i and iii
E) i, ii, and iii
Correct Answer:
Verified
Correct Answer:
Verified
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