-Refer to Table 9.1.If the market price is $80,then this firm's profit would be:

Name: -Refer to Table 9.1.If the market price is $80,then this firm's profit would be:
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Question

Quizplus · Accepted Answer

The firm's profit is equal to the difference between the market price and the marginal cost. At a market price of $80, the marginal cost is $30, so the profit is $80 - $30 = $50.