Costume jewelry is produced in a monopolistically competitive market. A profit-maximizing producer finds that marginal revenue = marginal cost = $4.50 when output is 700 rings. An economist studying this information can conclude that:a. the producer is charging a price of $4.50. b. economic profit is $3,150. c. the producer charges a price greater than $4.50. d. new firms will want to enter. e. this producer should produce more than 700 rings
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Costume jewelry is produced in a monopolistically competitive market. A profit-maximizing producer finds that marginal revenue = marginal ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Sally can clean the house in 6 hours, her father can clean the house in 4 hours, and her younger brother, dennis, can completely mess up the house in 10 hours. if sally and her father clean and dennis plays, how long will it take to clean the house?
Answers (1)
At an activity level of 9,600 machine-hours in a month, Ruben Corporation's total variable production engineering cost is $827,520 and its total fixed production engineering cost is $248,490.
Answers (1)
Which one of the following represents the minimum rate of return a firm must earn on its assets if it is to maintain the current value of its securities? A. Pretax cost of debt B. Weighted average cost of capital C. Cost of equity D.
Answers (1)
Viva Company bought machine X for $18,000 two years ago. The machine had no residual value and had an estimated useful life of 10 years. If the company uses the straight-line depreciation method, calculate the current book value of the machine.
Answers (1)
Jacklyn carves ice sculptures. She carves and sells 10 sculptures. Her average cost of production per sculpture is $50. She sells each sculpture for a price of $150.
Answers (1)
New Questions in Business
A company estimates that warranty expense will be 4% of sales. The company's sales for the current period are $233,000. The current period's entry to record the warranty expense is:
Answers (1)
Dollywood Corporation accumulates the following data concerning a mixed cost, using miles as the activity level.
Answers (1)
The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: Purchased $255,000 of materials. Used $183,600 of direct materials in production.
Answers (1)
If the distribution of income, the net income is less than the salary and interest allowances granted, the remaining balance will be a negative amount that must be divided among the partners as though it were a loss. True/false
Answers (1)
Which of the following statements is true about work hour regulations for 14 and 15-year-olds? They can work up to 30 hours during a school week They can only work outside school hours They can work up to 3 hours during school days They can start
Answers (1)