The figure illustrates the short-run costs of Paul's Picture Frames Inc The picture frame market is perfectly competitive and the market price is $30 a frame
Paul produces ________ frames each week, makes ________ of total revenue, and makes zero ________ profit. A) 200; $4,000; economic
B) 300; $9,000; normal
C) 200; $4,000; normal
D) 300; $9,000; economic
D
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Which of the following statements is true of data?
A) Anecdotes work as good substitutes for data. B) Data help in verifying causal relationships. C) Data are not important to evaluate theories. D) The less the available data, the better the analysis.
The very existence of an insurance policy may cause people to behave in a riskier manner, which will increase the moral hazard problem
Indicate whether the statement is true or false
Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B
If there is exceptionally good growing weather in the wapanzo bean growing region then supply will ________ and demand will ________. A) become case C; become case 1 B) become case C; stay at case 2 C) become case C; become case 3 D) stay at case B; become case 1
In the figure above, when 40 units are produced the average fixed cost is
A) $4. B) $8. C) $12. D) $20.