Assume a Certain Competitive Price-Taker Firm Is Producing Q =

question 258

Multiple Choice

Assume a certain competitive price-taker firm is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit. At Q = 1,000, the firm's profit amounts to

• A) −$200.
• B) $1,000.
• C) $3,000.
• D) $4,000.

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Definitions:

Social Psychologists

Scientists who study how people's thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others.

Learning Theorists

Scholars who study and explain how people acquire knowledge, skills, habits, and attitudes, often focusing on the processes of conditioning and cognitive development.

Cognitive Researchers

Scientists who study the mental processes involved in perception, memory, thought, and problem solving.

Biological Psychologists

Scientists who study the physiological bases of behavior in animals and humans.