Costume jewelry is produced in a monopolistically competitive market. A profit-maximizing producer finds that marginal revenue = marginal cost = $4.50 when output is 700 rings. An economist studying this information can conclude that:a. the producer is charging a price of $4.50. b. economic profit is $3,150. c. the producer charges a price greater than $4.50. d. new firms will want to enter. e. this producer should produce more than 700 rings
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