In the above figure, at output levels between 5 units and 13 units
A) the firm's accounting profits are negative.
B) total revenue equals total costs.
C) the firm's economic profits are positive.
D) the firm is breaking even.
C
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Which of the following is one reason why the income of small family farms has decreased over time?
A) The demand for farm products is price elastic. B) The U.S. population has increased greatly since 1950. C) The demand for farm products is income inelastic. D) Technology has increased farm productivity and market supply.
The Board of Governors
a. is chaired by the U.S. Secretary of the Treasury. b. members are elected by the U.S. public. c. has 7 members. d. All of the above are correct.
Barriers to entry:
A. restrict the number of firms in an industry. B. exist only in perfectly competitive markets. C. limit output in an industry. D. do not affect the number of firms in an industry.
A monopolist picks the quantity of output at which price equals marginal cost.
Answer the following statement true (T) or false (F)