Assume the price of a product sold by a perfectly competitive firm is $5. Given the data in the accompanying table, at what output level is total profit highest in the short run?OutputTotal Cost20$702575308535100401254515550190
A. 20
B. 30
C. 40
D. 50
Answer: C
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If the money supply grows 7% during the year, and people expected the money supply to grow by 5%, what happens to the short-run aggregate supply curve, according to the misperceptions theory?
A) It shifts down. B) It shifts up. C) It doesn't shift. D) It shifts down unless Ricardian equivalence holds, in which case it doesn't shift.
The slope of an indifference curve reveals:
A) that preferences are complete. B) the marginal rate of substitution of one good for another good. C) the ratio of market prices. D) that preferences are transitive. E) none of the above
Refer to the table below. What is Crunchy Fruits total marginal cost to produce 9,000 units?
Crunchy Fruits makes dried fruit snacks. Crunchy Fruits has a multi-plant firm with two production facilities. The table above summarizes the marginal cost of production at the individual plants and the corresponding quantity produced at the individual plants.
A) $2.25
B) $0.75
C) $1.25
D) $0.50
Which of the following is NOT an economic good?
A) a haircut B) broccoli C) garbage D) a textbook