-Refer to the Above Figure

question 343

Multiple Choice

-Refer to the above figure. If an individual firm wants to maximize economic profits, it should

• A) charge $5 for its product.
• B) charge more than $5 for its product since increasing the price will increase revenues.
• C) charge less than $5 for its product since a lower price will attract more customers.
• D) withdraw its product from the market forcing the market price up.

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Definitions:

ΔG°

The change in standard Gibbs free energy during a chemical reaction, indicating spontaneity at standard conditions.

Enthalpy

A thermodynamic quantity equivalent to the total heat content of a system. It is equal to the internal energy of the system plus the product of pressure and volume.

Endothermic

Refers to a process or reaction that takes in energy from the environment, usually as heat.

Exothermic

A chemical process that releases energy to its surroundings, usually in the form of heat.