question archive A monopolist has set her level of output to maximize profit
A monopolist has set her level of output to maximize profit
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A monopolist has set her level of output to maximize profit. The firm's marginal revenue is $20 and the price elasticity of demand is -3.0. Which of the following prices or price ranges describe the firm's profit-maximizing price?
A. $0-9
B. $10-19
C. $20
D. $21+
E. This problem cannot be answered without knowing the marginal cost.
Option 1
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