22. At a price of P1, at what output level would a perfectly competitive firm produce? a. Q1 b. Q2 c. Q3 23. At a price of P2, at what output level would a perfectly competitive firm produce? a. Q1 b. Q2 c 03 24. At a price of P3, at what output level would a perfectly competitive firm produce? a. QI b. Q2 c. Q3 25. Looking at the above graph, an economic profit would be earned at what market price? a. P1 c. P3 b. P2 26. Using the above graph, what is the shut-down price? a. PI b. P2 с. Р3

22. At a price of P1, at what output level would a perfectly competitive firm produce? a. Q1 b. Q2 c. Q3 23. At a price of P2, at what output level would a perfectly competitive firm produce? a. Q1 b. Q2 c 03 24. At a price of P3, at what output level would a perfectly competitive firm produce? a. QI b. Q2 c. Q3 25. Looking at the above graph, an economic profit would be earned at what market price? a. P1 c. P3 b. P2 26. Using the above graph, what is the shut-down price? a. PI b. P2 с. Р3

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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