Consider a Perfectly Competitive Firm in the Following Position: Output

question 70

Multiple Choice

Consider a perfectly competitive firm in the following position: output = 4000,market price = $1,total fixed costs = $2000,total variable costs = $4500,and marginal cost = $1.To maximize profits the firm should

• A)reduce its output.
• B)expand its output.
• C)produce zero output.
• D)increase the market price.
• E)not change its output.

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Definitions:

Transcription

The complex chain of cellular processes that involves translating the code specified by a gene into the production of a protein. This series of biochemical events ultimately accounts for genetic expression or influence.

Translation

One step in a cell’s production of a protein, in which the cell “reads” the code represented in a strand of mRNA and creates a protoprotein based on that code.

Prenatal Development

The process of growth and development within the womb from conception until birth.

Genome

All of a person’s coded and non-coded DNA.