A Perfectly Competitive Firm Facing a Price of $50 Decides

question 48

Multiple Choice

A perfectly competitive firm facing a price of $50 decides to produce 500 widgets. Its marginal cost of producing the last widget is $50. If the firm's goal is maximize profit, it should:

• A) produce more widgets.
• B) produce fewer widgets.
• C) continue producing 500 widgets.
• D) shut down.

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Definitions:

Family Preservation

Efforts and services aimed at keeping families together, preventing the unnecessary placement of children in foster care, group homes, or other institutional settings.

Organization Model

A conceptual framework that illustrates the structure, workflow, or operational principles of an organization, guiding its functions.

Crisis Management

The identification of threats to an organization or community and the methods used to deal with these threats in an effective manner.

Value Conflicts

Disagreements or clashes arising from differing beliefs on what is considered right, important, or ethical.