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Trout farming is a perfectly competitive industry and all trout farms have the same cost curves. When the market price is $38 a fish, each farm maximizes profit by producing 1,000 fish a week. At this output, average total cost is $18 a fish, and average variable cost is $10 a fish. Minimum average variable cost is $2 a fish. What are two points on a trout farm's supply curve? Two points on a trout farm's supply curve are 1,000 fish supplied at each and 0 fish supplied at each. OA. $0; $10 OB. $0; $38 OC. $10; $0 O D. $38; $0 OE. $38; $10

Trout farming is a perfectly competitive industry and all trout farms have the same cost curves. When the market price is $38 a fish, each farm maximizes profit by producing 1,000 fish a week. At this output, average total cost is $18 a fish, and average variable cost is $10 a fish. Minimum average variable cost is $2 a fish. What are two points on a trout farm's supply curve? Two points on a trout farm's supply curve are 1,000 fish supplied at each and 0 fish supplied at each. OA. $0; $10 OB. $0; $38 OC. $10; $0 O D. $38; $0 OE. $38; $10

Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter22: Perfect Competition
Section: Chapter Questions
Problem 7WNG
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Trout farming is a perfectly competitive industry and all trout farms have the same cost curves. When the market price is $38 a fish, each farm maximizes profit by producing 1,000 fish a week. At this output, average total cost is $18 a fish, and average variable cost is $10 a fish. Minimum average variable cost is $2 a fish. What are two points on a trout farm's supply curve? Two points on a trout farm's supply curve are 1,000 fish supplied at each and 0 fish supplied at each. OA. $0; $10 OB. $0; $38 OC. $10; $0 O D. $38; $0 OE. $38; $10
Transcribed Image Text:Trout farming is a perfectly competitive industry and all trout farms have the same cost curves. When the market price is $38 a fish, each farm maximizes profit by producing 1,000 fish a week. At this output, average total cost is $18 a fish, and average variable cost is $10 a fish. Minimum average variable cost is $2 a fish. What are two points on a trout farm's supply curve? Two points on a trout farm's supply curve are 1,000 fish supplied at each and 0 fish supplied at each. OA. $0; $10 OB. $0; $38 OC. $10; $0 O D. $38; $0 OE. $38; $10
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