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A firm's cost of production is $12 per unit of output. If P is the price of the output good and Q is the number
A firm's cost of production is $12 per unit of output. If P is the price of the output good and Q is the number of units produced, which of the following statements is correct? (Note that there is no figure for this question -- you can answer this question without a figure.) Select one: O a. Points (Q, P) = (2000, 20) and (4000, 16) are on different isoprofit curves. O b. Point (Q, P) = (2000, 20) is on the isoprofit curve representing the profit level E20000. c. Point (Q, P) = (5000, 12) is not on any isoprofit curve. O d. None of the answers listed is correct. O e. Point (Q, P) = (2000, 20) is on a lower isoprofit curve than point (Q, P) = (1200, 24)
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