Refer to the scenario above. If the equilibrium price charged by the firm in the short run is $170, the firm will earn ________
A) a profit of $10 per unit
B) a profit of $25 per unit
C) a profit of $0 per unit
D) a profit of $30 per unit
C
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Which of the following CORRECTLY describes the new classical cycle theory of the business cycle
A. An expected tax rate change can trigger a business cycle.
B. An unexpected change in the quantity of money can trigger a business cycle.
C. Rational expectations keep the money wage from changing quickly.
D. An unexpected change in the price of oil can trigger a business cycle.
Which fundamental question about a competitive market system primarily focuses on technological progress and capital accumulation?
A. Who will get the goods and services? B. How will the goods and services be produced? C. How will the system promote progress? D. What goods and services will be produced?