John’s Pizza is a perfectly competitive firm. The firm’s costs are shown in the table below.
If the market price is £20, how much economic profit does the firm make?
Select ONE answer:
- £12
- -£20
- £0
- -£10
Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
This multiple choice question is suitable for Economics KS5 classes.
The answer is 1
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