a) At the profit maximizing output level, the firm's profit is: A) $1,200. B) $1,050. C) $750. D) $375. b) In the long-run we expect: A) more firms to enter the market. C) the average cost of production to decrease. D) the price of the good to increase. B) the firm's demand curve to shift to the right. c) At the profit maximizing output level, the is earning a A) positive economic profit and more firms are expected to enter the market. B) zero economic profit and no firms are expected to enter the market. C) negative economic profit and more firms are expected to leave the market. D) There is not sufficient information.

a) At the profit maximizing output level, the firm's profit is: A) $1,200. B) $1,050. C) $750. D) $375. b) In the long-run we expect: A) more firms to enter the market. C) the average cost of production to decrease. D) the price of the good to increase. B) the firm's demand curve to shift to the right. c) At the profit maximizing output level, the is earning a A) positive economic profit and more firms are expected to enter the market. B) zero economic profit and no firms are expected to enter the market. C) negative economic profit and more firms are expected to leave the market. D) There is not sufficient information.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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