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If a profit-maximizing monopolistic firm has to choose a price for its product, the price P that the firm chooses can be represented by the

If a profit-maximizing monopolistic firm has to choose a price for its product, the price P that the firm chooses can be represented by the expression P = [1/(1 - (1/X))]Y. What is X and Y?

Group of answer choices

(A) X is the absolute value of the price elasticity of supply and Y is marginal cost.

(B) X is the absolute value of the income elasticity of supply and Y is marginal revenue.

(C) X is the inverse of the cross-price elasticity of demand and Y is the marginal revenue.

(D) X is the absolute value of the price elasticity of demand and Y is marginal cost.

(E) X is the inverse of the price elasticity of demand and Y is marginal cost.

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