Scenario 14-1 Assume a Certain Firm in a Competitive Market Is Producing

question 172

Multiple Choice

Scenario 14-1
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
-Refer to Scenario 14-1. At Q = 999, the firm's total costs equal

• A)$10,985.
• B)$10,990.
• C)$10,995.
• D)$10,999.

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