A Firm Is Producing 100 Units, Which Is Its Profit-

question 34

Multiple Choice

A firm is producing 100 units, which is its profit- maximising quantity. The price is $3, the total fixed costs are $40 and the average variable cost for each unit is $1.20. The firm's opportunity costs of being in business are included in both the fixed and variable costs. The firm's supernormal profit is:

• A) $140
• B) $0
• C) - $60
• D) $180

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Definitions:

Glorious Revolution

The event in 1688-1689 in which James II of England was overthrown and replaced by William III and Mary II, marking a pivotal shift towards parliamentary sovereignty.

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The mechanisms, processes, and practices that ensure the government is accountable and responsive to the legislature or parliament.

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Religious reformers in the 16th century who migrated from England to New England, seeking to "purify" the Church of England and practice their faith freely.

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