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Business
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Modern Principles of Economics
Quiz 11: Costs and Profit Maximization Under Competition
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Question 21
Multiple Choice
Figure: Profit Maximizing Output
Use the figure. The profit-maximizing output for this firm is:
Question 22
Multiple Choice
The marginal revenue (MR) for a firm is a constant $45, and the firm's marginal cost (MC) is given by MC = 1.5Q (where Q is quantity of output) . What is the firm's profit-maximizing level of output?