maximize profit in the short-run, a perfectly competitive firm will search for that output at which of the following? marginal revenue equals firm demand. price equals marginal revenue. average revenue equals marginal cost. average total cost equals marginal cost. firm demand equals price.

maximize profit in the short-run, a perfectly competitive firm will search for that output at which of the following? marginal revenue equals firm demand. price equals marginal revenue. average revenue equals marginal cost. average total cost equals marginal cost. firm demand equals price.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section: Chapter Questions

Problem 17SQ

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Question

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To maximize profit in the short-run, a perfectly competitive firm will search for that output at which of the following?

marginal revenue equals firm demand.
price equals marginal revenue.
average revenue equals marginal cost.
average total cost equals marginal cost.
firm demand equals price.

Definition Definition Total cost of producing a certain quantity of a good, divided by the quantity produced. It is the sum of all costs (fixed and variable) required to produce one unit of output.

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