A perfectly competitive firmrsquos profit-maximizing price, Business Economics

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A perfectly competitive firmrsquos profit-maximizing price

A perfectly competitive firm’s profit-maximizing price is $15. At MC = MR, the output is 100 units. At this level of production, average total costs are $12. The firm’s economic profits are

a. $500 in the short run.

b. $300 in the short run and long run.

c. $500 in the short run.

d. $300 in the short run.

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Business Economics: A perfectly competitive firmrsquos profit-maximizing price

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Business Economics: A perfectly competitive firmrsquos profit-maximizing price

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