Refer to Table 11.2.4, in which 1,000 firms produce paper in a market that is perfectly competitive. If the market price is $7.00 a box, how much paper does a firm produce and what is its economic profit?
Each firm produces ________ boxes a week and ________.

Question

Refer to Table 11.2.4, in which 1,000 firms produce paper in a market that is perfectly competitive. If the market price is $7.00 a box, how much paper does a firm produce and what is its economic profit? 
 Each firm produces ________ boxes a week and ________.

Answer

250; incurs an economic loss of $1,000 a week

Answer

350; makes zero economic profit

Answer

300; incurs an economic loss of $834 a week

Answer

350; incurs an economic loss of $581 a week

Answer

300; makes zero economic profit

Crowdly

Refer to Table 11.2.4, in which 1,000 firms produce paper in a market that is...

Want instant access to all verified answers on moodle.uleth.ca?