Which of the Following Is a Characteristic Shared by a Perfectly

question 83

Multiple Choice

Which of the following is a characteristic shared by a perfectly competitive firm and a monopoly?

• A)Each must lower its price to sell more output.
• B)Each sets a price for its product that will maximise its revenue.
• C)Each maximises profits by producing a quantity for which marginal revenue equals marginal cost.
• D)Each maximises profits by producing a quantity for which price equals marginal cost.