The Figure Given Below Shows the Revenue and the Cost

question 29

Multiple Choice

The figure given below shows the revenue and the cost curves of a perfectly competitive firm.Figure 10.3

-Refer to Figure 10.3 and identify the price level at which the firm earns normal profit.

• A)$4
• B)$8
• C)$10
• D)$2
• E)$14

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Definitions:

Planning Fallacy

The tendency to underestimate how much time is needed to complete a task, leading to overly optimistic time estimations.

Optimistic Mindset

A mental attitude characterized by hope and confidence in success and positive outcomes.

Proximal Goals

Short-term objectives or milestones that are set as steps leading towards a longer-term goal.

Distal Goals

Objectives or aims that are set for the long-term future, usually requiring more time and effort to achieve than proximal or immediate goals.