Answer the question based on the demand and cost schedules for a monopolistically competitive firm given in the table below
Price: $24, 20, 16, 12, 8, 4
Quantity Demanded: 1, 2, 3, 4, 5, 6
Total Cost: $10, 20, 29, 36, 40, 42
Output: 1, 2, 3, 4, 5, 6
What price will this monopolistically competitive firm charge to maximize profits?
$16
$12
$20
$8