Consider a Perfectly Competitive Firm in the Following Position: Output

question 35

Multiple Choice

Consider a perfectly competitive firm in the following position: output = 4000 units, market price =
$1, fixed costs = $2000, variable costs = $2000, and marginal cost = $1. To maximize profits the firm should

• A) shut down.
• B) not change its output.
• C) expand its output.
• D) increase the market price.
• E) reduce its output.

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Definitions:

Big Five

Five crucial dimensions of personality determined through factor analyses of trait terms: extraversion, neuroticism (or emotional instability), agreeableness, conscientiousness, and openness to experience.

Dimensions

Aspects or features that can be used to differentiate or categorize items, concepts, or phenomena along a spectrum.

Big Five Traits

The Big Five traits refer to five broad dimensions of personality that include openness, conscientiousness, extraversion, agreeableness, and neuroticism, widely used in psychology to describe human personality.

Agreeableness

This refers to a personality trait that encompasses qualities like kindness, affection, cooperation, and a willingness to help others.