0Price (per unit)$200AMCATCCLinBDQuantity(units per week)Market PriceP = MRFigure 23.5Catawissa Catfish of Catawissa, PA is a catfish farm that sells its fish in a perfectly competitive market, it is the average firm in thismarket, and the above graph shows its revenue and cost curves.If the market price is $200 per bushel of catfish, which of the following is not true for Catawissa Catfish? OOThe price is a reflection of the highest-valued good that could have been produced with the resources the firmused for the last unit it produced.OThe firm should leave this market in an effort to earn economic profits.OThe firm is using the fewest resources possible to produce each unit of output.The firm is practicing marginal cost pricing.

Business economics is the study and analysis of commercial barriers affecting businesses using…

Price (per unit) B HL $200 MC Quantity (units per week) ATC D Market Price P = MR Figure 23.5 Catawissa Catfish of Catawissa, PA is a catfish farm that sells its fish in a perfectly competitive market, it is the average firm in this market, and the above graph shows its revenue and cost curves. If the market price is $200 per bushel of catfish, which of the following is not true for Catawissa Catfish?

Price (per unit) B HL $200 MC Quantity (units per week) ATC D Market Price P = MR Figure 23.5 Catawissa Catfish of Catawissa, PA is a catfish farm that sells its fish in a perfectly competitive market, it is the average firm in this market, and the above graph shows its revenue and cost curves. If the market price is $200 per bushel of catfish, which of the following is not true for Catawissa Catfish?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section22.1: The Theory Of Perfect Competition

Problem 4ST

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