Multiple Choice
Scenario 14-3
Suppose a certain competitive firm is producing Q=500 units of output. The marginal cost of the 500th unit is $17, and the average total cost of producing 500 units is $12. The firm sells its output for $20.
-Refer to Scenario 14-3. At Q=499, the firm's profits equal
A) $3,980.
B) $3,992.
C) $3,997.
D) $4,017.
Correct Answer:
Verified
Correct Answer:
Verified
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