The monopoly firm that seeks to maximize profits and charges a $29 per unit price. The correct response is option (a).
Businesses go through the process of profit maximization to ensure that the best levels of output and prices are realized in order to maximize their returns. In order to meet its profit goals, the corporation alters crucial factors including sale price, production costs, and output levels.
Profit maximization is the cardinal principle. The company maximises profits by manufacturing when marginal cost equals marginal revenue.
The phrase "profit maximization" refers to the ideal output at which your business is most profitable.
In the figure the profit maximization is at point where
That is, at this point, The price charged by the monopoly firm is $29 and sells a quantity of 220 units.
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