Use the following table which provides longrun information a

Use the following table, which provides long-run information about the market for apples, to answer the next two questions. Price is price per pound of apples. Given the cost information above, a monopoly would charge a price of per pound and produce pounds of apples. Given the cost information above, a perfectly competitive industry\' would charge a price of per pound and produce pounds of apples.

Solution

39. Answer b . marginal revenue equals marginal cost.

40. Answer c. Price equals marginal cost