Business, 26.10.2020 17:10 Scoopaloop

Suppose Frank is a monopolist in the garden gnome market and is producing the profit-maximizing level of output. Suppose further that at this level of production his average total cost is $150, his average variable cost is $130, and the price of one of his gnomes is $150. At his current level of production, Frank's marginal cost is $150..

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