Figure 13-523)Refer to Figure 13-5.The candy store represented in the diagram is currently sellingQunits of candy at a price ofPa. Is this candy store maximizing its profit and if it is not, whatwould you recommend to the firm?a.D
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24) Both monopolistically competitive firms and perfectly competitive firms maximize profitsC
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25) A monopolistically competitive firm maximizes profit in the short run by producing whereD
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26) A monopolistically competitive firm choosesA) both the quantity of output to produce and the price at which it will sell its output.B) the price of the product it sells but market forces determine the quantity it will be able to sell.C) the quantity of output to produce but the price of the product it sells is determined collectivelyby all firms in the industry.D) the price of the product it sells but the quantity of output to produce is agreed upon by allfirms in the industry.Answer:B