Figure 14-4 Suppose a Firm Operating in a Competitive Market Has the Has

Multiple Choice

Figure 14-4
Suppose a firm operating in a competitive market has the following cost curves:
-Refer to Figure 14-4. The firm will earn positive economic profits if the price is (i)
P4)
(ii)
P3)
(iii)
P2)
(iv)
P1)

A) (i) only
B) (i) or (ii) only
C) (i) , (ii) , or (iii) only
D) (i) , (ii) , (iii) , and (iv)