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 fell from $5,000 to $3,400, what is the loss of the firm's producer surplus?
A) $11,250
B) $8,000
C) $1,600
D) $800
Correct Answer:
Verified
Correct Answer:
Verified
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