Reference no: EM13886512
The figure below shows cost curves for a perfectly competitive firm. Answer the next 3 questions using this figure:
Suppose that market price is $2.60.A firm producing 800 units of output
a. is earning the maximum amount of profit, $880.
b. is earning the maximum amount of profit, $2,080.
c. should produce 500 units of output instead, to earn profits of $500.
d. should produce 1100 units of output instead, to earn profits of $1,100.
e. should shut down
A profit-maximizing firm will break even when market price is:
a. $ 0.60
b. $ 0.80
c. $1.50
d. $1.60
If market price is $0.70, a profit-maximizing firm will produce _____ units of output and earn profits of _____.
a. 500, -$450
b. 500, -$50
c. zero, -$450
d. zero, -$400
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