The figure shows Said's Mugs (Cups) costs of producing mugs. The mug market is perfectly competitive If the market price of a mug falls to Said considers to temporarily shut down. At that point, his average fxed costs of production is and his firm's marginal product is 20 MC ATC AVC 10 15 20 25 30 35 40 45 50 Quantity (mugs per day) Select one a. $20, $0.4. maximized b. $14. $0 7. rising C $8, $0 3, declining O d so, so, minimized
The figure shows Said's Mugs (Cups) costs of producing mugs. The mug market is perfectly competitive If the market price of a mug falls to Said considers to temporarily shut down. At that point, his average fxed costs of production is and his firm's marginal product is 20 MC ATC AVC 10 15 20 25 30 35 40 45 50 Quantity (mugs per day) Select one a. $20, $0.4. maximized b. $14. $0 7. rising C $8, $0 3, declining O d so, so, minimized
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 7PA
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