Figure 16-3

-Refer to Figure 16-3.At the profit-maximizing,or loss-minimizing,output level,the firm in this figure has total costs of approximately

Question

Figure 16-3
 
-Refer to Figure 16-3.At the profit-maximizing,or loss-minimizing,output level,the firm in this figure has total costs of approximately

Quizplus · Accepted Answer

At the profit-maximizing or loss-minimizing output level, the firm's total cost is equal to its total revenue. In this figure, the firm's total cost curve intersects the total revenue curve at approximately 9,000 units of output, indicating that the total cost at this level of output is around $9,000. Therefore, the answer is C.

Figure 16-3 -Refer to Figure 16-3.At the Profit-Maximizing,or Loss-Minimizing,output Level,the Firm in Loss-Minimizing,output