1 answer

Figure 9-11 MC FH, AC - Current Pric (in the Short Run) Price A LK 1...

Question:

Figure 9-11 MC FH, AC - Current Pric (in the Short Run) Price A LK 1 Quantity Which of the following indicates the firms pro

Figure 9-11 MC FH, AC - Current Pric (in the Short Run) Price A LK 1 Quantity Which of the following indicates the firm's profit (or loss) at the profit-maximizing output in Figure 9-11? a. profit BCFG X o b . profit OCDM c.zero economic profit d. loss AEFC Hide Feedback Incorrect Olon Key wlepior.22 graphic 026

Answers

The profit-maximizing condition of perfectly competitive firm is

P=MC

As it can be seen in the graph that quantity is K units and price is distance FK.

At profit-maximizing quantity ATC will be distance GK.

Profit=TR-TC

Profit is represented by area (BCFG).

.

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