Scenario 14-1 Assume a Certain Firm in a Competitive Market Is Producing

question 259

Multiple Choice

Scenario 14-1
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
-Refer to Scenario 14-1. At Q = 999, the firm's profits equal

• A)$993.
• B)$997.
• C)$1,003.
• D)$1,007.

---

Definitions:

Recording

The act of capturing data, sounds, images, or performances for later retrieval and analysis.

One's Own Behaviors

The actions or reactions of an individual in response to external or internal stimuli.

Observations

The act of monitoring or recording systematically the behavior, activities, or other changing information, usually to analyze it later.

Occasions

Specific times or events that are notable or serve a particular purpose.