Refer to the graph that depicts Joe's family restaurant in a perfectly competitive market. The firm is earning positive economic profit if price is greater than: Price, Costs P4 P3 P2 P1 0 A) P3 ⠀⠀ B) P2 C) P1 D) P4 1 I I Q1 Q2 Q3 Q4 MC ATC AVC Output

Refer to the graph that depicts Joe's family restaurant in a perfectly competitive market. The firm is earning positive economic profit if price is greater than: Price, Costs P4 P3 P2 P1 0 A) P3 ⠀⠀ B) P2 C) P1 D) P4 1 I I Q1 Q2 Q3 Q4 MC ATC AVC Output

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Refer to the graph that depicts Joe's family restaurant in a perfectly competitive market. The
firm is earning positive economic profit if price is greater than:
Price, Costs
1 22 2
P4
P3
P2
P1
A) P3
B) P2
C) P1
D) P4
G
1
I
I
I
Q1 Q2 Q3 Q4
MC
ATC
AVC
Output

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