Consider a Perfectly Competitive Firm in the Following Position: Output

question 33

Multiple Choice

Consider a perfectly competitive firm in the following position: output = 4000 units,market price = $1,fixed costs = $2000,variable costs = $1000,and marginal cost = $1.10.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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