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Consider the Price and Quantity Data Below for a Perfectly

Question 83

Multiple Choice

Consider the price and quantity data below for a perfectly competitive firm producing mousetraps.
Consider the price and quantity data below for a perfectly competitive firm producing mousetraps. TABLE 9-1 -Refer to Table 9-1.Suppose this firm is producing 2000 mousetraps and average variable cost is $5.50.What level of economic profit is this firm earning? A) $1000 B) -$1000 C) $0 D) $0.50 E) There is insufficient information to answer to know. TABLE 9-1
-Refer to Table 9-1.Suppose this firm is producing 2000 mousetraps and average variable cost is $5.50.What level of economic profit is this firm earning?


A) $1000
B) -$1000
C) $0
D) $0.50
E) There is insufficient information to answer to know.

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