If a competitive firm is selling 900 units of its product at a price of $10 per unit and earning a positive profit, then
a. its total cost is more than $9,000.
b. its marginal revenue is less than $10.
c. its average total cost is less than $10.
d. the firm cannot be a competitive firm because competitive firms cannot earn positive profits.
c
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In one week, Mohammed can knit 5 sweaters or bake 240 cookies. In one week, Tetah can knit 15 sweaters or bake 480 cookies. In this example,
a. Mohammed has the absolute and comparative advantage in both tasks b. Tetah has the absolute and comparative advantage in both tasks c. Mohammed has the absolute advantage in both tasks and the comparative advantage in knitting sweaters d. Tetah has the absolute advantage in both tasks and the comparative advantage in knitting sweaters e. Mohammed has the absolute advantage in both tasks and the comparative advantage in baking cookies
For government to correct for the failure of market outcome, it must do all of the following except:
A. act only if the marginal costs exceed the marginal benefits. B. have the ability to do something positive about the problem. C. recognize the problem. D. have the will to do something positive about the problem.
If a firm enjoys producer surplus in perfectly competitive Market A of $1000 and would enjoy producer surplus in perfectly competitive Market B of $1200, the firm would consider moving to Market B if
A) fixed costs are greater than $100 in Market A. B) fixed costs are less than $200 in Market B. C) fixed costs are less than $300 but greater than $200 in Market B. D) fixed costs in Market B are less than the fixed costs in Market A plus $200.
Assume the total product of three workers is 60 and the total product of four workers is 80. The four worker's average product is ________ while the fourth worker's marginal product is ________.
A. 15; 5 B. 80; 20 C. 20; 20 D. 5; 15