The ESC online shop is the sole seller of T-shirts with the ESC logo. Suppose their...
The ESC online shop is the sole seller of T-shirts with the ESC logo. Suppose their regular price of such T-shirt is $15. The theory tells us that $15 is: Select one:
a. equal to marginal cost.
b. equal to marginal revenue.
c. less than marginal revenue.
d. greater than marginal revenue.
Homework Answers
ANswer
Option d
d. Greater than marginal revenue.
The shop is only one means it is a monopoly market
A monopoly produces at MR=MC and charges price from the demand curve at the output level. Where the MR curve is double sloped than the demand curve means MR<P.
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