11. The graph below shows the marginal revenue, marginal cost, and average total cost at different quantities for a firm in a perfectly competitive market.  If this firm chooses to produce no output in the short run, what must the market price be? A-Below $20 $21-$30 $31-$40 $41-$50 Above $50

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
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Chapter1: Making Economics Decisions
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11. The graph below shows the marginal revenue, marginal cost, and average total cost at different quantities for a firm in a perfectly competitive market. 


If this firm chooses to produce no output in the short run, what must the market price be?
A-Below $20
$21-$30
$31-$40
$41-$50
Above $50

 

7.

firm's implicit costs are $10,000, explicit costs are $5,000, and its total revenue is $10,000. This firm is earning 
A-normal accounting profit
B-positive accounting profit of $5,000
C-positive economic profit of $5,000
D-normal economic profit
E-negative accounting profit of $5,000
MC
$50
АТС
$40
AVC
$30
$20
$10
5
10 15
20
25
Quantity
Price
Transcribed Image Text:MC $50 АТС $40 AVC $30 $20 $10 5 10 15 20 25 Quantity Price
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