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Last Updated on 01/25/2023 by Sophia

If P = $8 and MC = $5 + 2Q, the competitive firm’s profit-maximizing level of output is: a. 1.5 b. 0.2 c. 8 d. 15 2. If a firm faces the demand curve P = 60 – Q and the price is $30, the consumer surplus is: a. 200 b. 300 c. 450 d. 650 3. If the demand curve is P = 60 – Q and the supply curve is Q = P, the market equilibrium output is: a. 45 b. 30 c. 60 d. 15 4. If the demand curve is P = 60 – Q and the supply curve is Q = P, the total revenue of the firm at equilibrium is: a. 300 b. 500 c. 750 d. 900