Land of Many Lakes (LML) Sells Butter to a Broker

question 228

Multiple Choice

Land of Many Lakes (LML) sells butter to a broker in Albert Lea, Minnesota. Because the market for butter is generally considered to be competitive, LML does not

• A)choose the quantity of butter to produce.
• B)set marginal revenue equal to marginal cost to maximize profit.
• C)have any fixed costs of production.
• D)choose the price at which it sells its butter.

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