Question 17 correct mark 100 out of 100 question 18

Question
17
Correct
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Figure 8.4.2
Refer to Figure 8.4.2 above. The figure describes the cost and revenue structure of a perfectly competitive coffee farm, on
a per-unit basis. What is the profit maximizing number of sacks when the price of coffee in the market is $380 dollars?
Select one:
A. 22 sacks
B. 6 sacks
C. 14 sacks
D. 14 or 22 sacks
The correct answer is: 22 sacks
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Question
18
Correct
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If a competitive firm's marginal cost curve is U-shaped, then:
Select one:
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Question
19
Correct
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In the short run, a perfectly competitive firm earning negative economic profit is:
Select one:
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Question
20
Correct
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Figure 8.4.2
Refer to Figure 8.4.2 above. When the coffee farmer maximizes profit, how much is his profit?
Select one:
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