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Rick's Salsa is a firm with market power in the salsa market. Rick's recently hired a new manager who is confused about whether to focus
Rick's Salsa is a firm with market power in the salsa market. Rick's recently hired a new manager who is confused about whether to focus on the firm's selling price or on the firm's quantity of production in order to maximize profits. What should you tell the new manager? Group of answer choices Focus on quantity because the firm's costs vary with quantity. Don't worry about price or quantity because these are determined by the market. Focus on price because the firm's revenues vary with price. Given the firm's demand curve, choosing price is the same as choosing quantity
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