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Determining the monopolistic competitive market

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Reference no: EM131968160

Caskets are produced in a monopolistic competitive market. One producer, Final Boxes, sells 20 caskets a week at a price of $550 each. Its average total cost is $600. From this information, we know that:

  • new casket firms will want to enter.
  • this producer is losing $1,000 a week.
  • this producer is making an economic profit of $500.
  • this producer is setting marginal revenue = marginal cost.

Reference no: EM131968160

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