The profit-maximizing price and quantity established by a perfectly competitive firm in the above figure are
A) Q1 units of output and a price of P5.
B) Q3 units of output and a price of P3.
C) Q1 units of output and a price of P1.
D) Q4 units of output and a price of P4.
B
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The long-run market supply curve in the presence of internal economies of scale is ________, and in the presence of external economies of scale, it is ________
A) downward sloping; downward sloping B) upward sloping; horizontal C) horizontal; upward sloping D) downward sloping; horizontal E) upward sloping; downward sloping
The racial profile of colonial South Carolina:
a. was typical of the colonies as a whole. b. was closer to that of the French and British West Indies than to that of its neighboring colonies. c. was dominated by whites until nearly 1750. d. indicates that it had a higher concentration of blacks than any colony except Virginia.
In discussing the distribution of income among families, the term “lowest fifth” indicates
a. the poorest five percent of families. b. the poorest twenty percent of families. c. the smallest twenty percent of families. d. the percentage of families receiving one-fifth of the income.
Market equilibrium rates of interest are rarely expected to approximate efficient interest rates between willing transactors of exchange
Indicate whether the statement is true or false