A Perfectly Competitive Firm Will Maximize Profit When the Quantity

question 173

Multiple Choice

A perfectly competitive firm will maximize profit when the quantity produced is such that the

• A) firm's total revenue is equal to total cost.
• B) firm's marginal revenue is equal to the price.
• C) firm's marginal revenue is equal to its marginal cost.
• D) price exceeds the firm's marginal cost by as much as possible.
• E) firm's marginal revenue exceeds its marginal cost by the maximum amount possible.

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