No answer from Chat GPT will downvote QUESTION 7Using the graph below, answer the following questions. (1 points each)a. the short-run profit maximizing price for the monopolistic competitive firm is:b. the short-run profit for the monopolistic competitive firm is:2020Price,15costs,andrevenue(dollars)105MCATCDMR0200400 600 8001,000Quantity of output(units per day)

a. $15A firm will produce up to the point where MR = MC; in this cases, Q = 400The monopolist will…

Answered: QUESTION 7 Using the graph below,…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Monopoly

Section: Chapter Questions

Problem 1PA

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