Consider the Following Cost Curves for Two Perfectly Competitive Firms

question 66

Multiple Choice

Consider the following cost curves for two perfectly competitive firms, A and B. FIGURE 9-4
-Refer to Figure 9-4. If Firm B is producing at output level Q₂, and selling its output at p0, then FirmB should

• A) shut down because at this price and output level the firm is suffering losses.
• B) expand output to q0 so that profits will be maximized.
• C) remain at this output level because profits are maximized when SRAVC is at its minimum.
• D) expand output to Q₁ because profits are maximized when SRATC is at its minimum.

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Definitions:

Expense Ratio

The annual fee that mutual funds, index funds, and ETFs charge their shareholders, expressed as a percentage of the fund's average net assets.

NAV

NAV, or Net Asset Value, is the per-share value of a mutual fund or an exchange-traded fund (ETF), calculated by dividing the total value of all the securities in the portfolio, minus any liabilities, by the number of shares outstanding.

Mutual Fund

A financial instrument that pools money from various investors to invest in different types of securities, including stocks, bonds, money market instruments, and additional assets.

New York Time

The time zone observed in New York, typically Eastern Standard Time (EST) or Eastern Daylight Time (EDT), depending on the time of year.