Answer :
If market price is $60, how many units of output will the firm produce : none of the mentioned choices are correct.
Define market price.
Market price is regarded as the price at which a good or service can be purchased or sold in particular period. The dynamics of demand and supply have an impact on a good or service's market pricing. The cost at which the quantity supplied and the amount wanted are equal is known as the market price.
In order to evaluate consumer as well as economic surplus, the market price is utilized. The difference between the highest price a consumer is prepared to pay and the actual price they pay for the good is known as customer surplus, often referred to as the market price. Two related concepts of consumer and producer surplus are referred to as economic surplus. Producer surplus, often known as profit, is the sum that producers make when they sell their goods at the going rate. Consumer surplus and producer surplus together make up economic surplus.
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