Refer to the information provided in Figure 15.2 below to answer the question(s) that follow. Figure 15.2
-Refer to Figure 15.2. If We Do Hair maximizes profits as a monopolistically competitive firm, its ________ equals $1,280.

Question

Refer to the information provided in Figure 15.2 below to answer the question(s) that follow.  Figure 15.2
-Refer to Figure 15.2. If We Do Hair maximizes profits as a monopolistically competitive firm, its ________ equals $1,280.

Quizplus · Accepted Answer

In a monopolistically competitive market, a firm maximizes profit where marginal revenue equals marginal cost. The point of profit maximization corresponds to the quantity where this condition is met, and the total revenue at this quantity is the maximum profit the firm can achieve. Given the information, if "If We Do Hair" maximizes profits with a total revenue of $1,280, it indicates that this amount is the revenue generated at the profit-maximizing quantity, not the profit, total cost, or loss itself.

Refer to the Information Provided in Figure 15