Question: The following table shows cost data for a perfectly competitive firm. Average Fixed Average Variable Output Cost Cost Average Total Cost Marginal Cost 1

The following table shows cost data for a perfectly competitive firm. Average Fixed Average Variable Output Cost Cost Average Total Cost Marginal Cost 1 $500 $120 $620 $120 2 250 108 358 95 3 167 97 263 75 4 125 88 213 60 5 100 81 181 55 6 83 78 161 60 7 71 78 149 80 8 63 81 144 105 9 56 87 143 135 10 50 96 146 170 If the product price is $105, the profit-maximizing output is Multiple Choice O units. 5 units. 8 units. 9 units.

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