To Maximize Profit, a Perfectly Competitive Firm

question 99

Multiple Choice

To maximize profit, a perfectly competitive firm

• A)should sell the quantity of output determined by the interaction between industry demand and supply.
• B)should sell the quantity of output that results in a value for total revenue that is equal to total cost.
• C)should produce the quantity of output that results in the greatest difference between total revenue and total cost.
• D)should produce the quantity of output that results in the greatest difference between marginal revenue and marginal cost.

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Definitions:

Negotiation Phase

The stage in a sales or business deal where parties discuss terms and work towards an agreement.

Trial Close

A sales technique where the salesperson tests the willingness of the customer to buy during the sales presentation.

Multiple Closes

A sales technique involving the use of various closing strategies to secure a deal or sale.