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Question
Total Output | Total Costs | Total Output | Total Costs |
| 100 | $500 | 106 | $528 |
| 101 | 501 | 107 | 540 |
| 102 | 503 | 108 | 555 |
| 103 | 506 | 109 | 580 |
| 104 | 510 | 110 | 615 |
| 105 | 518 | 111 | 660 |
Refer to the above table. This firm operates in a perfectly competitive market in which the market price is $10/unit. What is true when the firm produces 103 units?
A) Total revenue equals $5,060.
B) Total costs exceed total revenue by $403.
C) Marginal revenue is less than marginal cost.
D) Its total profit is $524.
Answer
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