34. At the profit-maximising level of output, the firm is A. Incurring an economic loss equal to $119.00. B. Incurring an economic loss equal to $123.50. C. Incurring an economic loss equal to $187.00. D. Making zero economic profit.
34. At the profit-maximising level of output, the firm is A. Incurring an economic loss equal to $119.00. B. Incurring an economic loss equal to $123.50. C. Incurring an economic loss equal to $187.00. D. Making zero economic profit.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Use Figure 7, which depicts the cost curves of a perfectly competitive firm, to answer
questions 34 and 35.
Price (dollars per unit)
22621
23
11
Figure 7
14 17 19
MC
ATC
AVC
Quantity (units)
35. The shutdown point occurs at a price of
A. $11.00.
B. $12.00.
C. $16.00.
D. $22.00.
MR
34. At the profit-maximising level of output, the firm is
A. Incurring an economic loss equal to $119.00.
B. Incurring an economic loss equal to $123.50.
C. Incurring an economic loss equal to $187.00.
D. Making zero economic profit.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F821000a4-0a83-4249-8964-22472bf8097a%2F8cb4223e-b8b9-4478-ab06-2cc645adc31b%2Fgdzuxwm_processed.png&w=3840&q=75)
Transcribed Image Text:Use Figure 7, which depicts the cost curves of a perfectly competitive firm, to answer
questions 34 and 35.
Price (dollars per unit)
22621
23
11
Figure 7
14 17 19
MC
ATC
AVC
Quantity (units)
35. The shutdown point occurs at a price of
A. $11.00.
B. $12.00.
C. $16.00.
D. $22.00.
MR
34. At the profit-maximising level of output, the firm is
A. Incurring an economic loss equal to $119.00.
B. Incurring an economic loss equal to $123.50.
C. Incurring an economic loss equal to $187.00.
D. Making zero economic profit.
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