When a Competitive Firm Has Reached a Level of Output

question 27

Multiple Choice

When a competitive firm has reached a level of output at which the marginal revenue product of each input is equal to the price of that input it:

• A)is producing that output at least possible cost, but is not necessarily at maximum-profit output level.
• B)is at its maximum-profit output level, but is not necessarily producing that output at least possible cost.
• C)is at maximum-profit output level and is producing that output at least possible cost.
• D)is not necessarily either at maximum-profit level of output or at least possible cost for that output.
• E)is none of the above.

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