Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is $20, what is Giuseppe's profit-maximizing output?
A) 2 pizzas per hour
B) 3 pizzas per hour
C) 4 pizzas per hour
D) 0 pizzas per hour
B
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In Chapter 11, depreciation is assumed to be
A) a fixed proportion of real GDP. B) a fixed proportion of the capital stock. C) a fixed absolute amount. D) zero. E) a fixed proportion of the capital-labor ratio.
Screening is
a. actions by the informed party to reveal her true risks b. actions by the informed party to conceal her true risks c. actions by the uninformed party to uncover the true risks d. actions by the uninformed party to conceal the true risks
If a firm experiences economies of scope, per unit production costs fall as it produces more and more of its product
a. True b. False
A mechanism by which buyers and sellers of goods and services negotiate an exchange is a
A. goods and services market. B. factor market. C. goods and services convention. D. goods and services union.