A perfectly competitive firm is making an economic profit when
A) its total revenue is greater than its total cost.
B) the price is greater than the minimum of its average total cost.
C) the price is greater than the minimum of its average variable cost.
D) Both answers A and B are correct.
D
Economics
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Refer to Table 4-3. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the market price of Marko's polo shirts is $30, Marko's will produce
A) 0 shirts. B) 1 shirt. C) 3 shirts. D) 4 shirts.
Economics
In which of the given market situations will the largest portion of an excise tax of a specified amount per unit of output be borne by buyers?
A. 4.
B. 3.
C. 1.
D. 2.
Economics