-If This Firm Were a Perfect Competitor,at What Output Would

question 229

Multiple Choice

-If this firm were a perfect competitor,at what output would it produce in the long run?

• A)40 units
• B)50 units
• C)60 units
• D)70 units

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Definitions:

Marginal Social Cost

The incremental cost borne by society due to the production of an extra unit of a good or service.

iTunes Download

A digital file, such as music or a movie, purchased and downloaded from Apple's iTunes platform.

Marginal Benefit

The increase in satisfaction or usefulness gained from the consumption of an additional unit of a good or service.

Marginal Cost

The expense associated with manufacturing an extra unit of a product or service.