Multiple Choice
The figure below shows the marginal cost (circles) and the average variable cost (crosses) of a firm in a competitive market. The firm always makes the choice to maximize its profit.
-Refer to the figure above. If the market price of the product is $3,400, what is the firm's producer surplus?
A) $5,700
B) $3,250
C) $1,700
D) $880
Correct Answer:
Verified
Correct Answer:
Verified
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