Consider the Following Total Cost Schedule for a Perfectly Competitive

question 94

Multiple Choice

Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens.
TABLE 9-3
-Refer to Table 9-3.Suppose the prevailing market price for this firm's product is $0.14 and the firm is currently producing 20 units of output.This competitive firm wishing to maximize profits would

• A)increase output because marginal revenue is greater than marginal cost.
• B)decrease output because marginal revenue is less than marginal cost.
• C)increase output because marginal revenue is less than marginal cost.
• D)decrease output because marginal revenue is greater than marginal cost.
• E)produce zero output because price is less than the minimum average variable cost.

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