Use the Table Below to Answer the Following Questions

question 47

Multiple Choice

Use the table below to answer the following questions.
Table 12.2.1

-Refer to Table 12.2.1, which gives the total revenue schedule and total cost schedule of a perfectly competitive firm. If the firm produces 2 units of output, it

• A)makes an economic profit of $9.
• B)makes an economic profit of $60.
• C)incurs an economic loss of $9.
• D)incurs an economic loss of $60.
• E)incurs an economic loss of $69.

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Definitions:

Fixed Asset Accounts

Financial accounts that track the purchase, depreciation, and disposal of long-term assets that have a physical form and are used in the operations of a business.