Which of the following figures best represents the profit being earned by a perfectly competitive firm ? (Refer to Figures 1, 2, 3 in the original document, showing different cost/revenue curves) Correct option is —
CS CSEET · Business Economics & Fundamentals of Accounting and Auditing · PYQS · December 2013
Which of the following figures best represents the profit being earned by a perfectly competitive firm ? (Refer to Figures 1, 2, 3 in the original document, showing different cost/revenue curves) Correct option is —
Answer & Explanation:
Correct Answer: Option (D)
Correct answer: (D) None of the above.. The diagrams show MC and MR but no average-cost curve. Positive profit cannot be established without knowing average cost, so none establishes the stated profit.
Topics: Business Economics
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