-If Price Is $5, Marginal Cost Is $5, Average Total

question 316

Multiple Choice

-If price is $5, marginal cost is $5, average total cost is $3, and the quantity produced is 150 units, then the perfectly competitive firm is

• A) not maximizing economic profit.
• B) earning $2 in economic profits and is maximizing economic profits.
• C) earning $150 in economic profits and is not maximizing economic profits.
• D) earning $300 in economic profits and is maximizing economic profits.

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Definitions:

Findspot

Place where an artifact was found; provenance.

Scientific Analysis

The systematic examination and investigation of materials and substances using scientific methods and techniques to deduce properties or draw conclusions.

Stonehenge

An ancient prehistoric monument located in Wiltshire, England, famous for its circular arrangement of massive stones, believed to be used for ceremonial or astronomical purposes.

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A facility equipped with telescopes and other instruments to observe celestial events and bodies, often used for research and educational purposes.