Suppose a stream is discovered whose water has remarkable healing powers. You decide to bottle the liquid and sell it. The market demand curve is linear and is given as follows: P = 53 - Q. The marginal cost to produce this new drink is $5. What price would this new drink sell for if it sold in a competitive market? A. 0 B. $5 C. $29 D. $17
Suppose a stream is discovered whose water has remarkable healing powers. You decide to bottle the liquid and sell it. The market demand curve is linear and is given as follows: P = 53 - Q. The marginal cost to produce this new drink is $5. What price would this new drink sell for if it sold in a competitive market? A. 0 B. $5 C. $29 D. $17
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose a stream is discovered whose water has remarkable healing powers. You decide to bottle the liquid and sell it. The market demand curve is linear and is given as follows: P = 53 - Q. The marginal cost to produce this new drink is $5.
What
price would this new drink sell for if it sold in a competitive market?A. 0B. $5C. $29D. $17
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