A perfectly competitive firm is producing 50 units of output and selling at the market price of $23. The firm's average total cost is $20. What is the firm's economic profit?

A) $23
B) $150
C) $1,000
D) $1,150
E) $50


B

Economics

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A. M1 is money, but not M2. B. M2 is money, but not M1. C. Both M1 and M2 are money. D. Neither M1 nor M2 is money.

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Economics