Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, and the price of a doughnut is 25 cents, then this firm should:
A. produce 90 doughnuts.
B. shut down.
C. produce 50 doughnuts.
D. produce 80 doughnuts.
Answer: D
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To maximize its profit, the firm in the figure above will produce ________ jeans and set a price ________ per pair of jeans
A) 150; between $50 and $25 B) 125; $25 C) 125; $50 D) 125; $75 E) None of the above answers are correct.
Under a gold standard, a continual balance of surplus in any country can be sustained only as long as the country's gold reserves hold out
Indicate whether the statement is true or false
Farmer John can produce as much corn as he wants at the going price of $48 per bushel. At his current production level, the marginal cost is $18 . What should the company do?
a. Increase production b. Decrease production c. Stay at this level of production d. None of the above
Compared to industrial market countries, developing countries usually have
a. exports consisting mostly of agricultural products and raw materials b. faster population growth c. higher unemployment d. higher rates of illiteracy e. All of the answers are correct