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In this table, at a price of $71, the profit-maximizing or loss-minimizing level of output is ______.
Multiple choice question.
-2 units
Reason:
At a price of $71, at every level of output, even where MR=MC, the average variable cost is greater than the price, therefore it should produce nothing (shut down).
-5 units
Reason:
At a price of $71, at every level of output, even where MR=MC, the average variable cost is greater
than the price, therefore it should produce nothing (shut down).
-7 units
Reason:
At a price of $71, at every level of output, even where MR=MC, the average variable cost is greater than the price, therefore it should produce nothing (shut down).
-6 units
Reason:
At a price of $71, at every level of output, even where MR=MC, the average variable cost is greater than the price, therefore it should produce nothing (shut down).
-0 units
Reason:
At a price of $71, at every
level of output, even where MR=MC, the average variable cost is greater than the price, therefore it should produce nothing (shut down).
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