Scenario 14-3 Suppose a Certain Competitive Firm Is Producing Q=500 Units of Units

question 324

Multiple Choice

Scenario 14-3
Suppose a certain competitive firm is producing Q=500 units of output. The marginal cost of the 500th unit is $17, and the average total cost of producing 500 units is $12. The firm sells its output for $20.
-Refer to Scenario 14-3. At Q=499, the firm's profits equal

• A)$3,980.
• B)$3,992.
• C)$3,997.
• D)$4,017.

---

Definitions:

Access Database

A system for managing databases from Microsoft, blending the Microsoft Jet Database Engine's relational features with a graphical interface and tools for creating software.

SharePoint List

A collection of items within Microsoft SharePoint that stores information in a format similar to a table.

dBase File

A format for database files originally developed for the dBase software but now widely used by various database and software programs.

Report Layout

The arrangement or structure of elements within a report, including text, data fields, graphics, and other components.