Table 16-5
a Monopolistically Competitive Firm Faces the Following Demand

Table 16-5
A monopolistically competitive firm faces the following demand schedule for its product. In addition, the firm has total fixed costs equal to 20.
$$\begin{array} { | l | l | } \hline \text { Price } & \text { Quantity } \\\hline \$ 30 & 1 \\\hline \$ 26 & 2 \\\hline \$ 22 & 3 \\\hline \$ 18 & 4 \\\hline \$ 14 & 5 \\\hline \$ 10 & 6 \\\hline \$ 6 & 7 \\\hline\end{array}$$
-Refer to Table 16-5. When this firm profit maximizes and faces a constant marginal cost of $7, what is the amount of its markup over marginal cost?

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