A Profit-Maximizing Firm in a Competitive Market Is Currently Producing

question 448

Multiple Choice

A profit-maximizing firm in a competitive market is currently producing 200 units of output. It has average revenue of $9 and average total cost of $7. It follows that the firm's

• A)average total cost curve intersects the marginal cost curve at an output level of less than 200 units.
• B)average variable cost curve intersects the marginal cost curve at an output level of less than 200 units.
• C)profit is $400.
• D)All of the above are correct.

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Definitions:

Timer Tag Name

A label or identifier assigned to a timer to distinguish it within a system, especially in programming contexts.

TOF Timer

A timer off-delay instruction in PLC programming, which delays turning off an output for a specified time after its input becomes false.

Rung Conditions

In ladder logic programming, these refer to the criteria or states that must be met for the logic within a rung of a ladder diagram to be executed.

Time Increment

A specified increase in time, used in scheduling, simulations, or time-based calculations.