Question: Consider the Table below which shows data for Firm B which operates in a perfectly competitive market. FIRM B PRICE OUTPUT 300 TOTAL REVENUE $300

Consider the Table below which shows data for Firm B which operates in a perfectly competitive market. FIRM B PRICE OUTPUT 300 TOTAL REVENUE $300 TOTAL COSTS $525 TOTAL FIXED COSTS ? TOTAL VARIABLE COSTS ? AVERAGE TOTAL COSTS ? AVERAGE VARIABLE COSTS $1.20 MARGINAL COST $1.00 Complete the Table. Is Firm B maximizing its profits?Complete the Table. Is Firm B maximizing its profits? a) No, because it is making losses. O b) Yes, because price equals marginal cost. c No, because its price is too low. d) No, because price does not equal average total cost

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