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A Perfectly Competitive Apple Farm Produces 1000 Bushels of Apples

Question 69

Multiple Choice

A perfectly competitive apple farm produces 1000 bushels of apples at a total cost of $36 000.The price of each bushel is $50.Calculate the firm's short-run profit or loss.


A) Loss of $14 000
B) Profit of $14 000
C) Profit of $50 000
D) There is insufficient information to answer the question.

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