A Firm in a Perfectly Competitive Industry Produces Its Profit-Maximizing

question 227

Multiple Choice

A firm in a perfectly competitive industry produces its profit-maximizing quantity, 40 units. Industry price is $3, total fixed costs are $45, and total variable costs are $60. The firm's economic profit is

• A) $15.
• B) $30.
• C) $35.
• D) $60.

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Definitions:

Reassessing

The act of revising or reevaluating something to make necessary adjustments or to consider new information.

Goals And Ambitions

The desired outcomes, aspirations, or targets that an individual or organization strives to achieve through concerted efforts.

Informal Power Base

Influence or authority derived from personal networks, charisma, or knowledge, rather than official position or rank.

Coercive

A form of power or influence that involves forcing someone to do something through threats or pressure.