If price is $5, marginal cost is $5, average total cost is $3, and the quantity produced is 150 units, then the perfectly competitive firm is
A. earning $150 in economic profits and is not maximizing economic profits.
B. earning $300 in economic profits and is maximizing economic profits.
C. earning $2 in economic profits and is maximizing economic profits.
D. not maximizing economic profit.
Answer: B
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Since income distribution and poverty are intrinsically related, they cannot be approached separately
Indicate whether the statement is true or false
Relative to the white median family income, since 1980 African-American median family income has ________ and Hispanic median family income has __________
a. increased; also increased b. fallen; also fallen c. increased; remained about the same d. fallen; increased
People who run businesses on a day-to-day basis are called:
A. engineers. B. technology experts. C. business managers. D. entrepreneurs.
In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the
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