Question
A firm in a perfectly competitive market (XYZ Corporation) produced 300 units of output but sold only 200 of the units it produced. The average
A firm in a perfectly competitive market (XYZ Corporation) produced 300 units of output but sold only 200 of the units it produced. The average cost of production for each unit of output produced was $50. Average revenue of the units sold is $60. What would profit for XYZ Corporation be?
a. $3000
b. $50
c. $2000
d. $0
e. $10
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Economics Today The Macro View
Authors: Roger LeRoy Miller
18th Edition
0133884872, 978-0133884876
