QUESTION 15 Consider a firm operating in a competitive market. The firm is producing 50 units of output, has an average total cost of production equal to 7 dirhams, and is earning 350 dirhams economic profit in the short run. What is the current market price? O a. 12 dirhams. O b. 10 dirhams. O c. 11 dirhams. O d. 14 dirhams.
QUESTION 15 Consider a firm operating in a competitive market. The firm is producing 50 units of output, has an average total cost of production equal to 7 dirhams, and is earning 350 dirhams economic profit in the short run. What is the current market price? O a. 12 dirhams. O b. 10 dirhams. O c. 11 dirhams. O d. 14 dirhams.
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Monopoly
Section: Chapter Questions
Problem 12PA
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