A sandwich shop owner has the following information: P = $4,ATC = $2,AVC = $1,MC = 4 and Q = 500.From this,she can determine:
A) her profits are not being maximised.
B) she has earned zero economic profits.
C) she has earned economic profits of $1000.
D) she has earned economic profits of $1500.
E) she should sell fewer sandwiches.
Correct Answer:
Verified
Q14: One of the characteristics of perfect competition
Q19: Which of the following is not a
Q21: Exhibit 7-2 Cost per unit curves
Q25: Exhibit 7-1 Total revenue and total cost
Q27: A perfectly competitive firm minimises losses in
Q28: Exhibit 7-3 A firm's cost and marginal
Q29: Assume the market equilibrium price is $100.In
Q30: Assume that a firm's marginal revenue just
Q33: Narrbegin Exhibit 7.1 Total revenue and total
Q37: Total revenue is computed as:
A) the product
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents