Assume a perfectly competitive firm's short-run cost is TC = 100 + 160Q + 3Q2.If the market price is $196,what should it do?
A) produce 5 units and continue operating
B) produce 6 units and continue operating
C) produce zero units (i.e.,shut down)
D) Cannot be determined from the above information
Correct Answer:
Verified
Q2: A normal profit is
A)revenues minus opportunity cost
Q3: Which of the following characteristics is most
Q4: Demand facing an individual,perfectly competitive firm is
A)perfectly
Q5: Which of the following is false?
A)A monopolist
Q6: Which of the following conditions would definitely
Q7: The principle marginal revenue equal-marginal-cost rule for
Q8: In perfect competition
A)the firm's demand curve is
Q9: Mars Inc.produces 100,000 boxes of Snickers bars
Q10: Which is a required characteristic of a
Q11: If a perfectly competitive firm incurs an
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