A certain firm produces and sells staplers. Last year, it produced 7,000 stapler

Question

A certain firm produces and sells staplers. Last year, it produced 7,000 staplers and sold each stapler for $6. In producing the 7,000 staplers, it incurred variable costs of $28,000 and a total cost of $45,000. Refer to Scenario 1. In producing the 7,000 staplers, the firm's average total cost was $2.43. $4.00. $6.00. $6.43. Cartels in the United States are legal if price is competitively determined. legal if all firms in the industry agree to the terms of the cartel. legal if all conditions of the cartel are made public. illegal. Refer to Figure-1.What price will the monopolistically competitive firm charge in this market?

Explanation / Answer

27)ATC=TC/Q
ATC=45000/7000
ATC=6.43

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