)The graph below shows the marginal revenue, marginal cost, and average total cost at different quantities for a firm in a perfectly competitive market. If this firm chooses to produce no output in the short run, what must the market price be? A- Below $20. B-$21-$30. C-$31-$40. D-$41-$50. E-Above $50
(1)The graph below shows the marginal revenue, marginal cost, and
If this firm chooses to produce no output in the short run, what must the market
A- Below $20. B-$21-$30. C-$31-$40. D-$41-$50. E-Above $50
(2)A firm's implicit costs are $10,000, explicit costs are $5,000, and its total revenue is $10,000. This firm is earning
A-normal accounting profit. B-positive accounting profit of $5,000 C-positive economic profit of $5,000
D-normal economic profit. E-negative accounting profit of $5,000
(3)A firm is earning an accounting profit of $5,000. Its implicit costs are $3,000, explicit costs are $8,000, and its economic profit is $2,000. What must its total revenue be?
A-$7,000. B-$10,000. C-$13,000. D-$18,000. E-Indeterminate
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