A firm faces the demand for its product, , as shown in the figure below. It produces under conditions of constant costs in the long run, and LMC= LAC= $12 per unit. Answer the next 5 questions using this information.1. A firm faces the demand and cost conditions for its product given in the figure. If the firm must set a uniform price for the good, what price will it set to maximize its profit in the long run?A. $12 B. $24 C. $25 D. $30E. none of the above2. At the profit-maximizing uniform price, the firm earns economic profit of when it engages in uniform pricing.A. $3,872 B. $4,728 C. $4,874 D. $5,428E. none of the above3. Under uniform pricing, consumers enjoy $ of consumer surplus.A. $1,872 B. $1,936 C. $2,474 D. $2,500
ACC 504 – A firm faces the demand for its product
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