Answer the question based on the table below.PriceQuantityTFCTVC$55$25$10510252051525505202560At what point on the table would a purely competitive firm cover all of its costs and earn only normal profits? 

A. Q = 5
B. Q = 10
C. Q = 20
D. Q = 15


Answer: D

Economics

You might also like to view...

"If the price falls and, as a result, the total revenue decreases, demand is elastic." Is the previous assertion correct?

What will be an ideal response?

Economics

If a purchase contract allows a buyer to accept less than a specified maximum "take" each month, buying a _____ would allow the seller to resell the excess at a _____ price

a. put option; profitable b. put option; predictable c. call option; predictable d. call option; profitable

Economics

If men, on average, earn 20 percent more than women in a particular occupation,

a. this is clear evidence of discrimination. b. some of this differential could be due to differences in educational levels. c. some of this differential could be due to differences in human capital. d. Both b and c are correct.

Economics

In 2012, the imaginary nation of Dorados had a population of 8,000 and real GDP of 3,000,000 . During the year its real GDP grew by about 2.9%. Which of the following sets of growth rates is consistent with this growth in real GDP?

a. 2% population growth and 6% real GDP growth b. 6% population growth and 2% real GDP growth c. 4% population growth and 7% real GDP growth d. 7% population growth and 4% real GDP growth

Economics