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
A: p ≥ AVC
B: MR > MC
C: All of the above
D: p > MC
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 > MC B: MR > MC C: p ≥ AVC D: All of the above
- 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?
- Which of the following will be true for a competitive firm in long-run equilibrium? A: P = MC B: P = ATC C: ATC = MC D: All of the above are correct.
- A monopolist maximizes profits by A: producing an output level where marginal revenue equals marginal cost. B: charging a price that is greater than marginal revenue. C: earning a profit of (P - MC) x Q. D: Both a and b are correct.
- Whichofthefollowingstatementsisnotcharacteristicofaperfectlycompetitiveindustryinlong-runequilibrium?Ceterisparibus,thereisnotendencyforfirmstoeitherenterorexittheindustry.A.A profit-maximizing firm may produce any output level at which P B.Every firm produces at an output level at which MC = LRATC.C.Ceteris paribus, there is no tendency for firms to either enter or exit the industry.D.No firm earns an economic profit.