The Following Figure Shows the Marginal Cost Curve and the Average

question 43

Multiple Choice

The following figure shows the marginal cost curve and the average total cost curve of a firm operating in a perfectly competitive market.

-Refer to the figure above.Suppose the price in this market is $5.What is the total cost of the firm,when it produces the profit-maximizing level of output?

• A) $600
• B) $1,200
• C) $2,800
• D) $2,400

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