need some help thank you. Assume you know the following short run information fo

Question

need some help thank you.

Assume you know the following short run information for a perfectly competitive firm: Based on the information above, which of the following is false? The firm's average total cost of producing 7 units is the same as for producing 6 units. The profit maximizing level of output for the firm would be 10 units. In the long run, the firm's price would be less than $10. The firm's average total cost of production increases for outputs in excess of 8 units . What is the maximum amount of profit the perfectly competitive firm depicted below could earn in the short run?

Explanation / Answer

95.B The profit maximising level of output for the firm will be 10 units

96.C $1120

97.C $220

98.D, new firm are likely to enter decreasing the market price.

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