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

question 102

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 = 999,the firm's total costs equal

• A) $10,985.
• B) $10,990.
• C) $10,995.
• D) $10,999.

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Definitions:

Profits

The financial gain that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes.

Accommodative Strategy

A corporate social responsibility strategy that accepts social responsibility and tries to satisfy society’s basic ethical expectations.

Social Responsibility

The obligation of an organization to act in ways that benefit society at large, beyond its own interests.

Economic Responsibility

The obligation of organizations and individuals to make decisions that benefit the overall economy and society.