Assume the Following Total Cost Schedule for a Perfectly Competitive

question 57

Multiple Choice

Assume the following total cost schedule for a perfectly competitive firm. $$\begin{array}{l}\begin{array} { | l | l | l | } \hline \text { Output } & \text { TVC } & \text { TFC } \\\hline 0 & 0 & 100 \\\hline 1 & 40 & 100 \\\hline 2 & 70 & 100 \\\hline 3 & 120 & 100 \\\hline 4 & 180 & 100 \\\hline 5 & 250 & 100 \\\hline 6 & 330 & 100 \\\hline\end{array}\\\text { TABLE 9- } 2\end{array}$$
-Refer to Table 9- 2. If the market price were $71, the competitive firm wishing to maximize its profits would

• A) not produce because P < minimum of ATC.
• B) not produce because P < TFC.
• C) produce 6 units of output.
• D) produce 2 units of output.
• E) produce 5 units of output.

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