Scenario 13-3 Suppose a Certain Competitive Firm Is Producing Q=500 Units of Units

question 197

Multiple Choice

Scenario 13-3
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 13-3.At Q=499,the firm's profits equal

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

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