Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the table below.Number ofMugs Per DayTotal CostPer Day0$101$142$193$254$325$406$49If the market for mugs is perfectly competitive, and mugs sell for $7.50 each, then at his profit-maximizing level of output, Chris will earn a ________ of ________ per day.
A. loss; $10
B. profit; $30
C. loss; $2
D. profit; $2
Answer: C
You might also like to view...
Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
If the shares of stock that Doug owns go up in value from $10,000 to $15,000, then Doug's wealth:
A. does not change. B. increases by $15,000. C. decreases by $5,000. D. increases by $5,000.
Which of the following is an example of a commodity money?
A) gold coins B) dollar bills C) British pound notes D) Japanese yen notes
The ________ balance includes purchases and sales of financial assets to and from citizens and companies of other countries.
A. capital account B. investment account C. current account D. none of these