In the short run, a profit-maximizing monopolistically competitive firm sets it price: A) equal to marginal revenue. B) equal to marginal cost. C) above marginal cost. D) below marginal cost.

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18-07-2022
Business

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In the short run, a profit-maximizing monopolistically competitive firm sets it price: A) equal to marginal revenue. B) equal to marginal cost. C) above marginal cost. D) below marginal cost.

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-07-19T17:36:39+02:00

In the short run, a profit-maximizing monopolistically competitive firm sets it price: above marginal cost. Option C. This is further explained below.

What is marginal cost?

Generally, The marginal cost of production is the incremental cost incurred to produce one more unit of a good or service.

In conclusion, Initially, a monopolistically competitive business sets its price at a level above its marginal cost in order to maximize its profits.