A Perfectly Competitive Firm Will Maximize Its Profit at the Rate

question 257

Multiple Choice

A perfectly competitive firm will maximize its profit at the rate of output where the vertical distance between its total revenue curve and total cost curve is the largest.This is the same rate of output where

• A)average total cost equals marginal revenue.
• B)marginal revenue equals marginal profit.
• C)marginal revenue equals marginal cost.
• D)marginal revenue equals average revenue.

---

Definitions:

Sample Space

The set of all possible outcomes or results that can occur from a random experiment.

Math Classes

Educational courses or lessons focused on the study and understanding of mathematics.

Science Courses

Academic classes focused on subjects related to the physical, life, or earth sciences.

Discrete Random Variable

A variable that can take on a countable number of different values, each with a certain probability, often used in statistical analysis.