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Trader Joe's has a monopoly on its trademarked breakfast cereal, Joe's O's. Now suppose (so it goes), that the marginal cost for producing Joe's O's
Trader Joe's has a monopoly on its trademarked breakfast cereal, Joe's O's. Now suppose (so it goes), that the marginal cost for producing Joe's O's is $1.20 per box, and that Trader Joe's marketing bros believe that the most any consumer is willing to pay for a box of Joe's O's is $3.00. According to the approximate pricing rule for a linear demand curve, what price should Joe set for a box of O's
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