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A perfectly competitive firm produces 3,000 units of a good at a total cost of $36,000. The fixed co

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A perfectly competitive firm produces 3,000 units of a good at a total cost of $36,000. The fixed co

A perfectly competitive firm produces 3,000 units of a good at a total cost of $36,000. The fixed cost of production is $20,000. The price of each good is $10. Should the firm continue to produce in the short run?
A) No, it should shut down because it is making a loss.
B) Yes, it should continue to produce because its price exceeds its average fixed cost.
C) Yes, it should continue to produce because it is minimizing its loss.
D) There is insufficient information to answer the question.

Textbook

Essentials of Economics

Edition: 4^th

Authors: Hubbard, O'Brien

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Repeat after me: 'Calm down. Things are gonna be fine. Things are gonna be all great. Just relax.' Wink Face

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Tidy Author

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8 years ago

You make an excellent tutor!

gma_of_7

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Correct

TheMoffattMan

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Smart ... Thanks!

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