Solved

Letters Are Used to Represent the Terms Used to Answer

Question 162

Multiple Choice

Letters are used to represent the terms used to answer this question: price (P) , quantity of output (Q) , total cost (TC) and average total cost (ATC) .Which of the following equations is equal to a firm's average profit?


A) P - ATC
B) (P - ATC) × Q
C) (P × Q) - TC
D) P - TC

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q157: A perfectly competitive firm breaks even at

Q158: An industry's long-run supply curve shows<br>A)the relationship

Q159: Under what conditions should a competitive firm

Q160: Table 12-2<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Table 12-2

Q161: If the market price is $25, the

Q163: The supply curve of a perfectly competitive

Q164: Assume that a perfectly competitive market is

Q165: If the market price is $25 in

Q166: If a firm shuts down, it<br>A)will suffer

Q167: Producing where marginal revenue equals marginal cost