Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is $20, how much economic profit does the firm make?
A) $0
B) $12
C) -$20
D) -$10
B
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An increase in the demand for GM automobiles results in:
A. an increase in the supply of GM automobiles. B. a lower equilibrium price for GM automobiles. C. an increase in the quantity supplied of GM automobiles. D. a lower equilibrium quantity of GM automobiles.
________ questions have to do with explanation and prediction, ________ questions have to do with what ought to be
A) Positive; negative. B) Negative; normative. C) Affirmative; positive. D) Positive; normative. E) Econometric; theoretical.
Which of the following occurs if firms are able to restrict output and raise price?
a. resources are misallocated b. wealth is shifted from consumers to government c. wealth is shifted from producers to consumers d. P = MC e. P = minimum LRAC
Countries with higher rates of saving
A. have a greater number of poor people. B. have higher rates of growth. C. experience lower growth rates in the future. D. have a large population.