Assume that the equilibrium price in a perfectly competitive ...

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Assume that the equilibrium price in a perfectly competitive industry is 4.25 . If a firm in this industry produced and sold 10 units with an average total cost of 5.00, what would be the result would be:
 a. a profit of 0.75
  b. a profit of 7.50
  c. a loss of 0.75
 d. a loss of 7.50

Question 2

Which of the following is a cash transfer received from the government?
 a. Medicaid
  b. Earned Income Tax Credit
  c. Food stamps
  d. Housing assistance
  e. Free education

[Pamela.irrgang@yahoo.com]

Answer to Question 1

d

Answer to Question 2

b