The Fish Shack is the only seafood restaurant in a remote village. It charges $15 for a bowl of fish soup and sells 10 bowls of it a day. To increase sales to 11 bowls a day, it must reduce the price of a bowl of fish soup to $14. How much Total Revenue does the restaurant generate when the price of a bowl of fish soup is $14?

Based on the information in the table above, which of the following represents the Variable Cost of the art gallery?

In a Contestable Market:

The optimal price (P*) for this Monopolistically Competitive firm to charge customers is ___ per unit.

If the current market-determined price of this product is $22:

When this Monopolistically Competitive firm produces q* units of output, it will experience a:

When this Monopoly firm produces Q* units of output, it will experience a Total Profit of:

Based on the information in the table above, which of the following represents the Fixed Cost of the art gallery?

The Fish Shack is the only seafood restaurant in a remote village. It charges $15 for a bowl of fish soup and sells 10 bowls of it a day. To increase sales to 11 bowls a day, it must reduce the price of a bowl of fish soup to $14. What is the Marginal Revenue from selling the eleventh bowl of fish soup to a customer?

The optimal quantity of output (q*) for this Monopolistically Competitive firm to produce is ___ units.