Can you help me with the question below? A firm with “market power” has: A. The ability to raise price above marginal costB. The ability to act without regard for the activities of other firms C. The ability to drive competitors from a defined marketD. The ability to set marginal revenue equal to marginal costE. None of the above.

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Profit Maximization

Economic activity is related to the use of scarce resources of the economy that are used for producing goods and services which are required to satisfy various demands of the people. In other words, it can be said that it is all about satisfying the unlimited demands of individuals with the limited resources available. The production decision is taken by the producers or the firms. In economics, the terms ‘producers’, ‘suppliers’, and ‘firms’ are interchangeable. Now the question arises, what does a firm actually mean?