Given the data in the table below, what is the short-run profit-maximizing level of output for the perfectly competitive firm?OutputTotal RevenueTotal Cost1$4$228331264161052015
A. 2 units
B. 3 units
C. 4 units
D. 5 units
Answer: C
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In a closed economy, public saving is equal to which of the following? (Y = GDP, C = Consumption, G = Government purchases, T = Taxes, and TR = Transfers)
A) T - G - TR B) Y - C - T + TR C) Y - G - T D) Y - C - T
Which of the following gives pollution-emitting firms an incentive to reduce the damage they do to the environment?
a. Negative externalities b. Positive externalities c. Commands and controls d. Pollution charges
Differences in time preferences depend on
A. social preference. B. differences in the relative size of expected future incomes. C. the time. D. uncertainty regarding the future.
Exhibit 6-16 Long-run average cost curves
?
Which firm in Exhibit 6-16 displays a long-run average cost curve with economies of scale throughout the range of output shown?
A. Firm A. B. Firm B. C. Firm C. D. Firms A and B.