Consider the Total Cost and Revenue Curves Shown Below,for Two

question 34

Multiple Choice

Consider the total cost and revenue curves shown below,for two perfectly competitive firms,Firm A and Firm B. FIGURE 9-4
-Refer to Figure 9-4.If both Firms A and B are producing a level of output such that the slope of the TC curve is equal to the slope of the TR curve,

• A)then MC = MR and the firm is maximizing profit (or minimizing losses).
• B)then the ATC is at a minimum and the firm is maximizing profits.
• C)then both firms are suffering losses because the distance between TR and TC is the smallest.
• D)then both firms are earning positive economic profits because the distance between TR and TC is the greatest.
• E)then MC = MR but the firm may not be maximizing its profits.

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