The Figure Given Below Shows Three Short Run Average Total

question 13

Multiple Choice

The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3

-Assume that a firm's marginal revenue curve intersects the rising portion of the marginal cost curve at 100 units of output. At this output level, a profit-maximizing firm's total cost is $1,000. If the price of the product is $3 per unit and the firm produces at the profit-maximizing level, the firm will earn an economic profit equal to:

• A)-$1,000.
• B)-$700.
• C)-$400.
• D)-$600.
• E)$200.

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Definitions:

Teen Violence

Aggressive, harmful, or violent behavior exhibited by adolescents towards others or themselves.

Criminal Activity

Behavior that violates laws and is punishable by the state, including felonies and misdemeanors.

Drug Abuse

The habitual taking of addictive or illegal drugs, leading to dependency and negative effects on health and social functioning.

Psychotherapy

A therapeutic treatment involving psychological methods, particularly when based on regular personal interaction with adults, to help a person change behavior and overcome problems in desired ways.