Answer to Question #62071 in Microeconomics for Benjamin Logan
1.The price for each product in the stores is determined in part by market demand.
2.To maximise profit or to minimise losses, a store should determine what quantity to produce using the rule P=MC.
3.Demand in this market is perfectly elastic.
Which of the following statements are true:
Only 1 is true.
Only 2 is true.
Both 1 and 2 are true.
Both 2 and 3 are true.
All three are true.
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