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Irving RAssociates Is Granted a Patent for a New Product for for Which

Question 106

Multiple Choice

Irving R.Associates is granted a patent for a new product for which there are no close substitutes.Which of the following must be true at the profit-maximizing quantity?


A) Price is equal to marginal cost.
B) Average revenue is equal to marginal cost.
C) Marginal revenue is positive.
D) Marginal revenue is less than marginal cost.
E) Price is greater than average revenue.

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