A Competitive Firm Is Maximizing Its Profit by Selling 150

question 191

Short Answer

A competitive firm is maximizing its profit by selling 150 units of output. The firm's marginal cost is $8 and its average total cost is $6. The firm's profit amounts to __________.

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Definitions:

National Debt

The total amount of money that a country's government has borrowed, usually as a result of deficit spending.

Recession

A period of temporary economic decline during which trade and industrial activities are reduced, generally identified by a fall in GDP in successive quarters.

Business Form

The legal structure of a company, such as sole proprietorship, partnership, or corporation, which determines liability and tax obligations.

Income

Earnings received by an individual or organization, often measured as net or gross, including wages, investment returns, and other sources.