Assume That a Firm Has TC = 100 + Q²

question 5

Multiple Choice

Assume that a firm has TC = 100 + q².If price is $20, which statement is true?

• A)The firm produces 20 units, and makes an economic profit; this outcome is not a long-run equilibrium.
• B)The firm produces 25 units, and makes an economic profit; this outcome is not a long-run equilibrium.
• C)The firm produces 10 units, and makes zero economic profit; this outcome is a long-run equilibrium.
• D)The firm produces 20 units, and make zero economic profit; the market is in its long-run equilibrium.
• E)None of the above.

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Definitions:

Raw Materials Used

The basic materials consumed in the production process, not including labor or manufacturing overhead.

Factory Overhead Costs

Factory overhead costs are indirect expenses related to manufacturing, such as utilities, maintenance, and property taxes for the production facility.

Cost Information

Data related to the expenses incurred in the production, operation, or acquisition of goods and services, used for financial analysis and decision-making.

Direct Materials

Materials that can be directly traced to the production of specific goods or services.