The figure below shows the cost curves of a firm in a competitive market. The firm always makes the choice to maximize its profit.
-Refer to the figure above.If the market price of the product is $2.00,the firm's profit maximizing output is ________ and its maximum profit is ________.
Definitions:
Discouraged Workers
Individuals who are not actively seeking work because they believe no jobs are available for them or there are no jobs for which they would qualify.
United States
A country in North America consisting of 50 states, characterized by a diverse geography, culture, and economy.
Structural Unemployment
Structural unemployment occurs when there is a mismatch between the skills workers possess and the skills needed by employers, often due to technological changes or shifts in the economy.
Marketable Skills
Abilities or proficiencies that are in demand by employers and can be utilized for economic gain.
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