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hiusy98 hiusy98
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4 years ago
Assume a perfectly competitive firm is producing 500 units of output, P = $7, ATC of the 500th unit is $6, marginal cost of the 500th unit = $7, and AVC of the 500th unit = $5. Based on this information, the firm is:
A) earning an economic profit of $500.
B) earning an economic profit of $1,000.
C) incurring a loss of $500.
D) incurring a loss of $1,000.
Textbook 

Economics for Managers


Edition: 3rd
Author:
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andyborziandyborzi
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4 years ago
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