In the Classical Model

question 55

Multiple Choice

In the classical model,

• A)firms are assumed to be perfect competitors who choose their output level so as to maximize profits.
• B)the perfectly competitive firm will increase output until the marginal cost of producing one unit of output equals the marginal revenue received from the sale of that particular unit of output.
• C)marginal revenue is equal to product price for the perfectly competitive firm.
• D)All of the above

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