Refer to the data provided in Table 9.3 below to answer the following question(s).
Table 9.3qTFCTVCTCMCAVCATC0$100 $0$100 ---- -- 1100401404040 140 21006016020 30 80 31009019030 30 63.334100124 224 343156 5100180 280 56 36 56 6100 264 364 84 44 60.677100 372 472 108 53.14 67.43Refer to Table 9.3. If the market price is $20, then this firm will maximize profits by producing ________ units of output.
A. zero
B. one
C. two
D. three
Answer: A
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Which of the following will lead to a decrease in the value of Spanish income per capita in dollars?
A) An increase in the value of the Spanish income per capita in Euro B) A decrease in the dollar/euro exchange rate C) An increase in the dollar/euro exchange rate D) A decrease in the income per capita of U.S.
A perfectly competitive firm's marginal revenue is
a. slightly higher than it's selling price. b. slightly lower than it's selling price. c. higher than selling price when reducing output, lower than selling price when increasing output. d. exactly equal to selling price.
Per capita income growth is measured by
a. income growth – population growth b. income growth × population growth c. income growth/population growth d. income/population e. income growth + population growth
In a free market for rental housing, the average rental rate
a. includes a large amount of economic rent. b. includes zero economic rent. c. is entirely economic rent, since rental housing is fixed in supply. d. is about 10 percent economic rent.