question archive Consider the price and cost information in the table below to answer the following questions about a monopolistically competitive firm
Consider the price and cost information in the table below to answer the following questions about a monopolistically competitive firm
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Consider the price and cost information in the table below to answer the following questions about a monopolistically competitive firm.
(a.) How many units will this firm produce?
(b.) What is the firm's profit?
(c.) Will this firm's profits likely increase, decrease, or stay the same in the long run? Explain briefly.
| Quantity | Price ($) | Total Cost ($) |
| 0 | 0 | 50 |
| 1 | 60 | 60 |
| 2 | 40 | 70 |
| 3 | 30 | 80 |
| 4 | 20 | 90 |
| 5 | 10 | 100 |
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