Table: Total Cost for a PerfectlyCompetitive FirmQuantityper PeriodTotal Cost$10162022242527308.346.391045(Table: Total Cost for a Perfectly Competitive Firm) Suppose there is a price of $3.00. If this firm isbehaving optimally in the short run, its profits are:0 9234 567 Table: Total Cost for a PerfectlyCompetitive FirmQuantityper PeriodTotal Cost$1016202234242527306.34399.1045(Table: Total Cost for a Perfectly Competitive Firm) Suppose there is a price of$3.00. If this firm is behaving optimally, it will:O shut down in the short run, shut down in the long runO produce in the short run, shut down in the long runO shut down in the short run, produce in the long runO produce in the short run, produce in the long run

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Table: Total Cost for a Perfectly Competitive Firm Quantity per Period Total Cost $10 16 20 3 22 24 25 6. 7. 27 30 8. 34 9. 39 10 45 (Table: Total Cost for a Perfectly Competitive Firm) Suppose there is a price of $3.00. If this firm is behaving optimally in the short run, its profits are: 0-9 0 9

Table: Total Cost for a Perfectly Competitive Firm Quantity per Period Total Cost $10 16 20 3 22 24 25 6. 7. 27 30 8. 34 9. 39 10 45 (Table: Total Cost for a Perfectly Competitive Firm) Suppose there is a price of $3.00. If this firm is behaving optimally in the short run, its profits are: 0-9 0 9

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 2PA

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