Multiple Choice
Assume the price of a product sold by a purely competitive firm is $5.Given the data in the accompanying table,at what output is total profit highest in the short run? 
A) 20
B) 30
C) 40
D) 50
At an output level of 40,total revenue is $5 * 40 = $200 and total cost is $125,so profit is $75.This is maximum profit of the output levels shown.
Correct Answer:
Verified
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