Question: Suppose that Table 2 below represents the demand schedule for Pizza at Marios Italian restaurant. Table 2: Mario's Demand Schedule Price (SR) Quantity of pizza

Suppose that Table 2 below represents the demand schedule for Pizza at Marios Italian restaurant.

Table 2: Mario's Demand Schedule

Price (SR)

Quantity of pizza

26

30

24

60

22

90

20

120

18

150

16

180

14

210

A. Using the below table, calculate Marios total revenue and marginal revenue.

P

Q

TR

MR

26

30

N/A

24

60

22

90

20

120

18

150

16

180

14

210

B. Based on your calculations, is Marios a perfectly competitive firm or a monopolistically competitive firm? Explain your reasoning.

C. Discuss two differences between a monopolistically competitive market and a competitive market.

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