If the current market-determined price of this product is $18:

If the current market-determined price of this product is $11:

Now assume there is a large number of small pizza delivery restaurants in town (all producing the same type of pizza), so that the industry is classified as Perfectly Competitive. In total, how many pizzas would be delivered this week and what price would be charged to customers?

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: