Answer the Question Based on the Table Below

question 82

Multiple Choice

Answer the question based on the table below. At what point on the table would a purely competitive firm cover all of its costs and earn only normal profits?

• A) Q = 5
• B) Q = 10
• C) Q = 15
• D) Q = 20 At Q = 15,total costs are $25 + $50 = $75 and total revenues are 15 * $5 = $75.This gives a profit of 0,which is a normal profit but not an economic profit.

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Definitions:

Equitable Distribution

The fair allocation of resources among all members of a community or society.

Incentive to Change

Factors or motives that encourage individuals or organizations to modify their behavior or decisions.

Equitable Distribution

a principle aiming for a fair allocation of resources, wealth, or income among members of a society.

Efficient

Refers to the optimal use of resources to achieve the desired ends with minimal waste or effort.