Consider a Firm with the Following Cost Information: ATC =

question 33

Multiple Choice

Consider a firm with the following cost information: ATC = $15, AVC = $12, and MC = $14. If we know that this firm has decided to produce Q = 20 by following the rule to maximize profits or minimize losses, then the price of the output is:

• A) $12.
• B) $14.
• C) $15.
• D) $20.