Suppose a firm's marginal cost is MC = 80 + 2Q, and its marginal revenue is MR = 200 - Q. Which of the following statements is (are) TRUE?
I. The profit-maximizing price is $180.
II. If Q = 20, MR > MC, so the firm should expand output to increase profits.
III. If Q = 50, MR < MC, so the firm should reduce output to increase profits.

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The Answer of Suppose a firm's marginal cost is MC = 80 + 2Q, and its marginal revenue is MR = 200 - Q. Which of the following statements is (are) TRUE?
I. The profit-maximizing price is $180.
II. If Q = 20, MR > MC, so the firm should expand output to increase profits.
III. If Q = 50, MR < MC, so the firm should reduce output to increase profits.

Suppose a Firm's Marginal Cost Is MC = 80