If a competitive firm maximizes short-run profits by producing some quantity of output, which of the following must be true at that level of output?
举一反三
- If a competitive firm maximizes short-run profits by producing some quantity of output, which of the following must be true at that level of output? A: p ≥ AVC B: MR > MC C: All of the above D: p > MC
- If a competitive firm maximizes short-run profits by producing some quantity of output, which of the following must be true at that level of output? A: p > MC B: MR > MC C: p ≥ AVC D: All of the above
- Which of the following is true at the quantity of output where average total cost has reached its minimum level?
- A perfectly competitive firm maximizes its profit by producing the output at which its marginal cost equals its ____ A: marginal revenue B: average total cost C: average variable cost. D: average fixed cost.
- Assume that a smartphone maker operates in a perfectly competitive market producing 25,000 smartphones per day. At this output level, price is less than this firm's marginal cost. It follows that producing one more smartphone will cause this firm's: