Refer to Table 11.2.1, which gives the total revenue and total cost schedules...

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Table 11.2.1

Refer to Table 11.2.1, which gives the total revenue and total cost schedules of a perfectly competitive firm. Which of the following statements is correct?

If the firm produces 2 units a day, its total cost is too high, and it could make a profit by cutting output to 1 unit a day.

0%

If the firm produces 4 units a day, it is making a profit and it would increase its profit by producing 5 units a day.

0%

If the firm produces 6 units a day, it is incurring a loss and it would make a profit by cutting production to 5 units a day.

100%✨

If the firm produces 2 units a day, it is not making a profit, but it could by producing 3 or 4 units a day.

0%

If the firm produces 5 units a day, its total revenue is too low, and it could make more profit by increasing output to 6 units a day.

0%

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