A perfectly competitive firm produces 3,000 units of a good at a total cost of $36,000. The price of each good is $10. Calculate the firm's short-run profit or loss
A) loss of $6,000
B) profit of $30,000
C) profit of $6,000
D) There is insufficient information to answer the question.
A
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Public saving is positive when:
A. after-tax income of households and businesses is greater than consumption expenditures. B. after-tax income of households and businesses is less than consumption expenditures. C. the government's budget is balanced. D. there is a government budget surplus.
In equilibrium in a mixed market:
A. the percent of low quality goods on the market equals the buyers' estimate of the percent of low-quality goods on the market. B. the percent of low quality goods on the market equals the sellers' estimate of the percent of low-quality goods on the market. C. 50% of the goods on the market are low quality and 50% are high quality. D. all low-quality goods have been driven out of the market.