Refer to the Figure Below

question 53

Multiple Choice

Refer to the figure below. If this firm is a price taker, then when the price of each unit of output is $30, how much profit does this firm earn at its profit-maximizing level of output?

• A)$500
• B)$800
• C)$1,200
• D)$1,600

Describe the impact of supply and demand changes on market surplus.

Analyze welfare implications of market prices and resource allocation.

Understand the concept of social bias such as ingroup bias and scapegoating.

Recognize the factors contributing to attraction and prejudice.

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