In a Perfectly Competitive Market in Which All Firms Are

question 424

Multiple Choice

In a perfectly competitive market in which all firms are maximizing their economic profits, the demand and supply curves intersect at a price of $8. From this we know that each

• A) firm's average total cost of producing the good is $8.
• B) firm's average variable cost of producing the good is $8.
• C) firm's marginal cost of producing the good is $8.
• D) firm is earning positive economic profits at a price of $8 or more.

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