In the above figure, at a price of $8, a perfectly competitive firm produces ________ and it ________
A) 0; incurs an economic loss
B) 0; makes zero economic profit
C) some output; makes zero economic profit
D) some output; makes an economic profit
C
You might also like to view...
When World War II (1941–45) came, the U.S. civilian labor force could be expanded only by about 30 percent
Indicate whether the statement is true or false
Refer to the accompanying table below. The average cost of 5 units of activity is:Units of ActivityTotal CostTotal Benefit0$0$01$2$122$6$223$12$304$20$365$30$406$42$427$56$43
A. $6 B. $8 C. $10 D. $4
Defining what money is:
A. is easier to do in the long run than in the short run. B. is the easiest, but least important part of monetary policy. C. is easy to do, which explains why monetary policy is so effective. D. isn't easy, and this makes monetary policy more difficult.
One formula for ________ is TVC/q.
A. TFC B. TC C. AVC D. MC