FINAL EXAM MICROECONOMICS FALL. 2017 (5) (Protected View) - Word Robert, Daniell

Question

FINAL EXAM MICROECONOMICS FALL. 2017 (5) (Protected View) - Word Robert, Danielle - File Home Insert Draw Design utReferences Mailings Review View Tell me what you want to do PROTECTED VIEW Be carefu-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. En Enable Editing Supply o MC Refer to the diagram. If this industry is purely monopolistic, the profit-maximizing price and quantity will be: A. Ps and Q B. P and 2 C. P2 and 22. D. indeterminate on the basis of the information given. Page 14 or 18 2584 words + 100% 4-19 PM O Type here to search 12/3/2017

Explanation / Answer

Answer
The firm maximizes profit at MR=MC
where
Q=Q3
and the price is found at the quantity from demand curve which is P=P3
Option A

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