22. At a price of P1, at what output level would a perfectly competitive firm produce? a. Q1 b. Q2 c. Q3 23. At a price of P2, at what output level would a perfectly competitive firm produce? a. Q1 b. Q2 c 03 24. At a price of P3, at what output level would a perfectly competitive firm produce? a. QI b. Q2 c. Q3 25. Looking at the above graph, an economic profit would be earned at what market price? a. P1 c. P3 b. P2 26. Using the above graph, what is the shut-down price? a. PI b. P2 с. Р3

22. At a price of P1, at what output level would a perfectly competitive firm produce? a. Q1 b. Q2 c. Q3 23. At a price of P2, at what output level would a perfectly competitive firm produce? a. Q1 b. Q2 c 03 24. At a price of P3, at what output level would a perfectly competitive firm produce? a. QI b. Q2 c. Q3 25. Looking at the above graph, an economic profit would be earned at what market price? a. P1 c. P3 b. P2 26. Using the above graph, what is the shut-down price? a. PI b. P2 с. Р3

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 5.9P

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