Mm.44.Subject:- Economy Happy Hands is a monopolistically competitive firm that faces the following demand schedule for its gloves. The firm has a fixed cost of $10 and a constant zeromarginal cost.Price302018161285Quantity(pairs of gloves)1234567Which of the following statements about the market outcome is correct?O At the profit-maximizing quantity, Happy Hands is sustaining a loss of $4.O At the profit-maximizing quantity, Happy Hands earns a positive profit of $24.O At the profit-maximizing quantity, Happy Hands earns a positive profit of $54.O At the profit-maximizing quantity, Happy Hands has zero economic profit.

Total revenue is the total receipts from selling the product. It is calculated as price times…

Answered: Happy Hands is a monopolistically…

Happy Hands is a monopolistically competitive firm that faces the following demand schedule for its gloves. The firm has a fixed cost of $10 and a constant zero marginal cost.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.

Question

Mm.44.

Subject:- Economy

Happy Hands is a monopolistically competitive firm that faces the following demand schedule for its gloves. The firm has a fixed cost of $10 and a constant zero
marginal cost.
Price
30
20
18
16
12
8
5
Quantity
(pairs of gloves)
1
2
3
4
5
6
7
Which of the following statements about the market outcome is correct?
O At the profit-maximizing quantity, Happy Hands is sustaining a loss of $4.
O At the profit-maximizing quantity, Happy Hands earns a positive profit of $24.
O At the profit-maximizing quantity, Happy Hands earns a positive profit of $54.
O At the profit-maximizing quantity, Happy Hands has zero economic profit.

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