Refer to the graph below. It shows short-run cost curves for a competitive firm. At what price would the firm face the same profit or loss whether it chooses to produce or not?
A. P1
B. P2
C. P3
D. P4
C. P3
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Prior to 1970, mortgages were ________ resold in the secondary market
A) never B) often C) rarely D) always
When a nation's institutional environment is more favorable, it will
a. attract more physical investment. b. encourage individuals to invest more heavily in human capital. c. encourage the development and efficient use of natural resources. d. all of the above.
The four phases of the business cycle are
A. expansion, peak, recession, trough B. prosperity, recession, depression, recovery C. inflation, recession, stagflation, expansion D. consumption, investment, government purchases, and net exports
Economies of scale may be a barrier to entry in a situation in which
A. only small-scale production can meet the constantly changing market demand. B. only small-scale production can lower the per-unit cost of production. C. only large-scale production can lower the per-unit cost of production. D. large-scale production is inefficient.