Multiple Choice
Scenario 14-1
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
-Refer to Scenario 14-1. At Q = 999, the firm's profits equal
A) $993.
B) $997.
C) $1,003.
D) $1,007.
Correct Answer:
Verified
Correct Answer:
Verified
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