Figure 13-5 Suppose a Firm Operating in a Competitive Market Has the Has

question 116

Multiple Choice

Figure 13-5
Suppose a firm operating in a competitive market has the following cost curves:
-Refer to Figure 13-5.When market price is P7,a profit-maximizing firm's short-run profits can be represented by the area

• A) P7 F*Q5.
• B) P7 * Q3.
• C) (P7 - P5)* Q3.
• D) We are unable to determine the firm's profits because the quantity that the firm would produce is not labeled on the graph.

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