A perfectly competitive firm receives $10 per unit at an equilibrium level of output of 80 units. the average total cost at 80 units of output is $8.50. the firm makes a total economic profit of:________

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19-08-2022
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A perfectly competitive firm receives $10 per unit at an equilibrium level of output of 80 units. the average total cost at 80 units of output is $8.50. the firm makes a total economic profit of:________

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tutorconsortium346 tutorconsortium346 · Answer 1 · 2022-08-24T10:35:23+02:00

A perfectly competitive firm receives $10 per unit at an equilibrium level of output of 80 units. the average total cost at 80 units of output is $8.50. the firm makes a total economic profit of $160.

What is a perfectly competitive firm?

A hypothetical market system is referred to as perfect competition.
Perfect competition offers a valuable model for illustrating how supply and demand influence pricing and behavior in a market economy, despite perfect competition seldom occurring in actual markets.
There are numerous buyers and sellers in a market with perfect competition, and prices always reflect supply and demand.
Companies only make as much money as is necessary to stay in operation.

Other businesses would enter the market and reduce revenues if they were to make excessive profits. One standard or ideal kind to which actual market structures can be contrasted is perfect competition.

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