A perfectly competitive firm is producing 1,100 units, which is their profit-maximizing output level. The market price for their good is $4 and the firm's average total cost to produce the 1,100 units is $4 Which of the following is true?
A) The firm is earning an economic profit.
B) The firm is earning a competitive return.
C) The firm is incurring an economic loss.
D) The firm should increase its production.
B) The firm is earning a competitive return.
You might also like to view...
________ refers to changes that result when groups come into continuous firsthand contact
A. Acculturation B. Hegemony C. Enculturation D. Diaspora E. Colonialism
According to the lecture on Race and Ethnicity, whether ethnicity is situational or primordial depends on whether the cultural or racial aspect of ethnicity is being emphasized
a. true b. false
We often talk about personality types as either “individualist” or “collectivist.” What objections have been raised against using this common dichotomy to explore cross-cultural differences in personality?
What will be an ideal response?
The earliest known primitive hominin is __________
A) Sahelanthropus tchadensis B) Orrorin tugenensis C) Homo floresiensis D) Australopithecus afarensis