Use the following to answer questions :
Scenario: Monopolistically Competitive Firm
For a monopolistically competitive firm,the demand curve is given by Q = 160 - P,and the firm's cost functions are MC = 20 + 2Q and TC = 20Q + Q2 + 20.
-(Scenario: Monopolistically Competitive Firm) Use Scenario: Monopolistically Competitive Firm.Given the information in the scenario,what is the profit-maximizing price for this firm in the short run?
A) $160
B) $125
C) $40
D) $180
Correct Answer:
Verified
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