(Solution Download) Perfectly Competitive Firm

Use the following to answer questions 13-17:

Total Cost for a Perfectly Competitive Firm

Quantity
per period Total Cost
0 $10
1 $16
2 $20
3 $22
4 $24
5 $25
6 $27
7 $30
8 $34
9 $39
10 $45

13. If the market price is $4.50, the profit-maximizing quantity of output is _______ units.
A) 5
B) 7
C) 8
D) 9

14. If the market pr...