Refer to Figure 23

question 30

Multiple Choice

Refer to Figure 23.2 for a perfectly competitive firm. If this firm produces the level of output corresponding to point C in the short run, it will earn

• A) Zero profit.
• B) The maximum profit possible.
• C) A profit, although not the maximum profit possible.
• D) A loss.

---

Definitions:

Noncash Transfer

A government transfer payment in the form of goods and services rather than money, for example, food stamps, housing assistance, and job training; also called in-kind transfers.

TANF

Temporary Assistance for Needy Families is a US federal program aimed at aiding families in need to become self-sufficient.

SNAP

The Supplemental Nutrition Assistance Program, a federal aid program providing food-purchasing assistance for low- and no-income people in the U.S.

Income Mobility

The extent to which individuals or households can move up or down the income distribution ladder within a society over time.