Refer to Table 13-4. At Victoria's profit-maximizing output
A) total revenue equals 24 and total cost equals 20.
B) profit equals 2.
C) total revenue equals 21 and total cost equals 17.
D) total revenue equals 25 and total cost equals 22.
Question 2
What is the difference between a public franchise and a public enterprise?
A) Both refer to a service provided directly to consumers through the government, but public franchise is a term more commonly used in the United States while public enterprise is more commonly used in European countries.
B) A public franchise grants a firm the right to be the sole legal provider of a good or service. A public enterprise refers to a service that is provided directly to consumers through the government.
C) A public enterprise is owned by the public through its holdings of shares of stock in the enterprise. A public franchise is a firm owned by the government.
D) A public enterprise grants a firm the right to be the sole legal provider of a good or service. A public franchise refers to a service that is provided directly to consumers through the government.
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