The short-run equilibrium price of the product is $  .

The marginal revenue received from the sale of the 4^th unit of output is $  .

The marginal cost of the production of the 5^th unit of output is $  .

If the firm produces 2 units of output, it will make an economic  of $  .

If the firm will break even at units of output.

Profit is maximized at  units of output.

The maximum profit is $  .

Joe’s Shiny Shoes is a firm that operates in a competitive market. The graph shows Joe’s marginal cost and average variable cost curve. Joe’s Supply curve is described by the curve segment ________

Firm A and firm B both have total revenues of $410,000 and total costs of $520,000.

Firm A has total fixed costs of $150,000, while firm B has total fixed costs of $70,000.

Which of the following statements are true in the short run?

Select all that applies:

MATCHING DEFINITION

MATCHING DEFINITION

MATCHING DEFINITION