Use the following to answer questions: Table: Competitive Firm 2 $$\begin{array} { c c c }
\hline \text { Quantity (Units) } & \text { Total Revenue (\$) } & \text { Total Cost (\$) } \
\hline 0 & 0 & 30 \
1 & 80 & 50 \
2 & 160 & 80 \
3 & 240 & 120 \
4 & 320 & 170 \
5 & 400 & 230 \
6 & 480 & 300 \
7 & 560 & 380 \
8 & 640 & 470 \
\hline
\end{array}$$
-(Table: Competitive Firm 2) Refer to the table that shows the revenue and cost schedules for a competitive firm. How much profit will this firm earn?
A) $0; this firm is making a loss
B) $50
C) $170
D) $180

Question

Use the following to answer questions: Table: Competitive Firm 2 $$\begin{array} { c c c } 
\hline \text { Quantity (Units) } & \text { Total Revenue (\$) } & \text { Total Cost (\$) } \
\hline 0 & 0 & 30 \
1 & 80 & 50 \
2 & 160 & 80 \
3 & 240 & 120 \
4 & 320 & 170 \
5 & 400 & 230 \
6 & 480 & 300 \
7 & 560 & 380 \
8 & 640 & 470 \
\hline
\end{array}$$
-(Table: Competitive Firm 2) Refer to the table that shows the revenue and cost schedules for a competitive firm. How much profit will this firm earn?
A) $0; this firm is making a loss
B) $50
C) $170
D) $180

Quizplus · Accepted Answer

The firm's total revenue is $640, and its total cost is $470. Therefore, the firm's profit is $640 - $470 = $170.

Use the Following to Answer Questions: Table: Competitive Firm 2