Refer to the Following Figure

question 15

Multiple Choice

Refer to the following figure:

The figure above shows cost curves for a perfectly competitive firm.
-If market price is $0.70, a profit-maximizing firm will produce _____ units of output and earn profits of _____.

• A) 500, -$450
• B) 500, -$50
• C) zero, -$450
• D) zero, -$400

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Definitions:

American Culture

A complex system characterized by a diverse mix of beliefs, customs, arts, and traditions shaped by the history and wide-ranging ethnic backgrounds of the United States.

Ethnocentrism

The principle of using one’s own culture as a means or standard by which to evaluate another group or individual, leading to the view that cultures other than one’s own are abnormal or inferior.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a tendency to judge other cultures by one's own cultural standards.

Sociologists

Scholars who study the development, structure, and functioning of human society, as well as social problems and interactions within it.