The firm illustrated above is
A) earning an economic profit of $400,000 per month.
B) earning an economic profit of $2,000,000 per month.
C) earning an economic profit of $1,600,000 per month.
D) incurring an economic loss of $400,000 per month.
E) incurring an economic loss of $1,600,000 per month.
D
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Assume that a small country produces only green peppers and red peppers. Last year, it produced 100 green peppers and 50 red peppers and sold them at prices of $2 per green pepper and $3 per red pepper
This year, it produced 150 green peppers and 60 red peppers and sold them at prices of $2 per green pepper and $4 per red pepper. What is real GDP this year if the base year is last year? A) $540 B) $350 C) $890 D) $400 E) $480 Data for 2009 Data for 2010
In the above figure, the market is at its equilibrium. Area A + area B is equal to
A) consumer surplus. B) total revenue. C) total surplus. D) marginal benefit. E) producer surplus.