Scenario 14-1
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
-Refer to Scenario 14-1. At Q = 1,000, the firm's profits equal
A)−$200.
B)$1,000.
C)$3,000.
D)$4,000.

Question

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The Answer of Scenario 14-1
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
-Refer to Scenario 14-1. At Q = 1,000, the firm's profits equal
A)−$200.
B)$1,000.
C)$3,000.
D)$4,000.

Scenario 14-1 Assume a Certain Firm in a Competitive Market Is Producing