Scenario 13-1 Assume a Certain Firm in a Competitive Market Is Producing

question 153

Multiple Choice

Scenario 13-1
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 13-1.At Q = 1,000,the firm's profits equal

• A) $-200.
• B) $1,000.
• C) $3,000.
• D) $4,000.

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