Following Cost Data for a firm that is selling in a perfectly competitive market.
A. Produce 7 units at a loss of $109.
B. Produce 8 units at an economic profit of $30.00.
C. Produce 8 units and 'break even' (economic profit = 0).
D. Produce zero units at a loss of $100.
A. Produce that quantity where P = MC = minimum AVC and should shut down.
B. Produce that quantity where P < MC, making a negative economic profit.
C. Produce at a quantity where P > ATC, making a positive economic profit.
D. Produce where P= MC = minimum ATC, making zero economic profit.
A. Is the entire MC curve.
B. Is the MC curve after a quantity of 4.
C. Is the MC curve after a quantity of 6.
D. Is the AVC curve after a quantity of 6
A. What quantity will be produced?
B. What price will be charged?
C. What is Tony's total cost?
D. What is Tony's total revenue?
E. What is Tony's economic profit or loss?
F. Is this a long-run equilibrium? Why or why not?
A. What is outcome for a non-cooperative non-repeating game?
B. If they could cooperate, what strategy would they prefer? What would be the payoff?
A. 1A, 3B
B. 2A, 2B
C. 3A, 1B
A. 2A, 3B
B. 4A, 2B
D. 3A, 2B
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