The Schedule of Total Cost for a Firm in a Price-Taker

question 423

Multiple Choice

The schedule of total cost for a firm in a price-taker market is given in the table. If the market price for this product is $50, which of the following output levels should this firm produce if it wants to maximize its profit?

• A) 1
• B) 2
• C) 3
• D) 4

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Definitions:

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Alexander Cairns-Smith

A scientist known for his "clay hypothesis" proposing that complex organic molecules could have evolved from clay minerals.

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