What is the firm's total profit?
Answer to relevant QuestionsSuppose price falls to $34. Where should the firm produce, if at all? Does the firm maximize profit or minimize loss at that output level? How much? Think in terms of market share and variety of goods. The ability or inability of firms to enter an industry differentiates the monopoly from a monopolistically competitive industry. Explain. There is hardly any good that does not have substitutes. Discuss. If you were an entrepreneur in a perfectly com petitive market, would you attempt to innovate? Why or why not? In perfect competition, imitators dampen the innovating spirit of innovators. Explain.
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