At the Profit-Maximizing Level of Output,price Is ________ Marginal Cost

question 62

Multiple Choice

At the profit-maximizing level of output,price is ________ marginal cost for a perfectly competitive firm and price is ________ marginal cost for a monopolist.

• A) equal to; greater than
• B) equal to; less than
• C) equal to; equal to
• D) greater than; equal to

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Definitions:

TVs

Short for televisions, electronic devices designed for receiving and displaying video and audio signals, providing entertainment, information, and often educational content to viewers.

Comparative Advantage

The principle that countries or entities benefit by producing goods and services for which they have lower opportunity costs than others, allowing for trade efficiencies.

Portugal

A country located in southwestern Europe on the Iberian Peninsula, known for its long history, cultural heritage, and maritime pursuits.

Trade Deficit

A scenario in which the total imports of goods and services of a country surpass its exports.