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15-02-2024
Business

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Price and output in a competitive price-searcher market. Consider a price-searching firm, Andrew's Fire Engines, which sells fire engines in the fictional country of Pyrotania. Initially, Andrew's production costs are $500 per fire engine, and the market price is $800 per fire engine. Andrew's fixed costs are $10,000. Andrew's marginal cost curve is upward sloping, and the market demand curve for fire engines is downward sloping. Given this information, which of the following statements is correct?

A) Andrew's Fire Engines is currently making a profit.
B) Andrew's Fire Engines should increase its production to maximize profit.
C) Andrew's Fire Engines should decrease its production to maximize profit.
D) Andrew's Fire Engines should shut down in the short run.

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