Both the Perfectly Competitive Firm and the Monopolist Find That

question 90

Multiple Choice

Both the perfectly competitive firm and the monopolist find that:

• A)price and marginal revenue are the same.
• B)they can sell all they want to at the market price.
• C)it is best to expand production until the benefits and costs of the last unit produced are equal.
• D)price is less than marginal revenue.

---

Definitions:

Random Variable

A variable whose possible values are outcomes of a random phenomenon, often denoted in probability and statistics.

Uncountable Number

A type of set or quantity of mathematical entities that cannot be paired with the natural numbers, indicating an infinite quantity that is not countably infinite.

Random Variable

A numerical variable that reflects the outcomes of an unpredictable event.

Standard Normal Distribution

A normal distribution with a mean of 0 and a standard deviation of 1, used in statistical analysis.