A Perfectly Competitive Firm Produces 3,000 Units of a Good

question 93

Multiple Choice

A perfectly competitive firm produces 3,000 units of a good at a total cost of $36,000.The price of each good is $10.Calculate the firm's short-run profit or loss.

• A)loss of $6,000
• B)profit of $6,000
• C)profit of $30,000
• D)There is insufficient information to answer the question.

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Definitions:

Semantics

The study of meaning in language, including the analysis of the meanings of words, phrases, sentences, and texts.

William Stern

A psychologist known for his work in intelligence testing and the development of the intelligence quotient (IQ) measurement.

Twin Study

A research method used to study the genetic and environmental influences on traits by comparing the similarity between monozygotic (identical) and dizygotic (fraternal) twins.

Sternberg's Theory

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