Suppose That a Firm in a Competitive Market Is Currently

question 574

Multiple Choice

Suppose that a firm in a competitive market is currently maximizing its short-run profit at an output of 50 units. If the current price is $9, the marginal cost of the 50th unit is $9, and the average total cost of producing 50 units is $4, what is the firm's profit?

• A)$0
• B)$200
• C)$250
• D)$450

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Definitions:

Critical Path

The shortest possible time in which an entire project can be completed if all project tasks go according to plan. It is the path ‘with no slack’.

Project Calendar

A scheduling tool that outlines the specific timelines, milestones, and deadlines within a project.

Job Duration

The length of time an individual remains in a particular job or employment position, often measured from the start date to the end date of employment.

CPM/PERT

A combination of the critical path method and the program evaluation and review technique.