Tomas is the general manager for a local automated car wash. The market he operates is perfectly
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Tomas is the general manager for a local automated car wash. The market he operates is perfectly competitive: Every car wash in the area is charging $7 for a car wash, which is also the marginal cost per wash. What will happen to Tomas’ profits if he changes his price to $8. Why? What about a price of $5? What is his profit-maximizing price?
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In a perfectly competitive market where there are many buyers and sellers offering identical products the price is determined by market forces In this ...View the full answer
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