A Perfectly Competitive Firm Is Producing 50 Units of Output

question 196

Multiple Choice

A perfectly competitive firm is producing 50 units of output and selling at the market price of $23.The firm's average total cost is $20.What is the firm's economic profit?

• A) $23
• B) $150
• C) $1,000
• D) $1,150
• E) $50

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Definitions:

Criticism

The expression of disapproval based on perceived faults or mistakes.

Special Treatment

The act of giving preferential or distinct consideration to an individual or group over others.

Public Self

The aspect of an individual's persona that is presented in social contexts, often conforming to societal expectations or norms.

Number

A mathematical object used to count, measure, and label; the basic component of mathematics.