The accompanying table applies to a purely competitive industry composed of 100 identical firms. If each of the 100 firms in the industry is maximizing its profit and earning only a normal profit, each must have a total cost of
A)$18,000.
B)$20,000.
C)$22,000.
D)$14,000.

Question

The accompanying table applies to a purely competitive industry composed of 100 identical firms. If each of the 100 firms in the industry is maximizing its profit and earning only a normal profit, each must have a total cost of
A)$18,000. 
B)$20,000. 
C)$22,000. 
D)$14,000.

Quizplus · Accepted Answer

The Answer of  The accompanying table applies to a purely competitive industry composed of 100 identical firms. If each of the 100 firms in the industry is maximizing its profit and earning only a normal profit, each must have a total cost of
A)$18,000. 
B)$20,000. 
C)$22,000. 
D)$14,000.

The Accompanying Table Applies to a Purely Competitive Industry Composed