A Perfectly Competitive Firm's Output Price Is $5 and the Firm

question 9

Multiple Choice

A perfectly competitive firm's output price is $5 and the firm is producing 37 units with a marginal cost of $3.The firm should:

• A)lower its price.
• B)decrease production.
• C)increase production.
• D)raise its price.

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Definitions:

Illegal

Prohibited by law or statute, making the action or activity unlawful.

Marijuana

A psychoactive drug from the Cannabis plant used for medical or recreational purposes, subject to varying levels of legal restriction.

Void From The Outset

A legal term referring to agreements or contracts that are considered invalid and without effect from the moment they are created.

Uterine Tube

Also known as the fallopian tube, it is the path through which an egg travels from the ovary to the uterus.