Lin's fortune cookies are identical to the fortune cookies made by dozens of other firms, and there is free entry in the fortune cookie market. Buyers and sellers are well informed about prices. What determines the price of a fortune cookie and Lin's marginal revenue?
________ determines the price and marginal revenue equals ________.

Question

Lin's fortune cookies are identical to the fortune cookies made by dozens of other firms, and there is free entry in the fortune cookie market. Buyers and sellers are well informed about prices. What determines the price of a fortune cookie and Lin's marginal revenue? 
 ________ determines the price and marginal revenue equals ________.

Answer

The ingredients used to produce fortune cookies; the average total cost of a cookie

Answer

The freshness of the fortune cookies; the average fixed cost of a cookie

Answer

The market demand and market supply; the price elasticity of demand

Answer

The number of cookies produced; the average variable cost of a cookie

Answer

The market demand and market supply; the price of a cookie

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Lin's fortune cookies are identical to the fortune cookies made by dozens of oth...

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