A Competitive Firm Will Maximize Profit by Producing the Level

question 19

Multiple Choice

A competitive firm will maximize profit by producing the level of output at which

• A)the last unit of output produced adds the same amount to total revenue as to total cost.
• B)the additional revenue from the last unit of output produced exceeds the additional cost of the last unit by the largest amount.
• C)the firm's total revenue exceeds total cost by the largest amount.
• D)both a and b
• E)both a and c

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