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Blittle5 Blittle5
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A year ago
Consider a perfectly competitive firm producing and selling mousetraps at a market price of $5.00. Suppose this firm is producing 2000 mousetraps and average variable cost is $5.50. What level of economic profit is this firm earning?

▸ $0.50

▸ $1000

▸ -$1000

▸ $0

▸ There is insufficient information to answer to know.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
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manuella14manuella14
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A year ago
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