Figure 16-4
-Refer to Figure 16-4. At the profit-maximizing, or loss-minimizing, output level, the firm in this figure has total costs of approximately
A)$12,000.
B)$18,000.
C)$21,000.
D)$24,000.

Question

Figure 16-4 
-Refer to Figure 16-4. At the profit-maximizing, or loss-minimizing, output level, the firm in this figure has total costs of approximately
A)$12,000. 
B)$18,000. 
C)$21,000. 
D)$24,000.

Quizplus · Accepted Answer

At the profit-maximizing, or loss-minimizing, output level, the firm produces 600 units, where marginal revenue equals marginal cost. At this output level, the total cost is approximately $21,000, as shown on the graph.

Figure 16-4 -Refer to Figure 16-4. at the Profit-Maximizing, or Loss-Minimizing, Output