The table given below shows the price of each unit of the product manufactured by a firm and the marginal cost of producing different units of the output.Table: 10.1
-In which of the following situations will the profit of a perfectly competitive firm always increase with an increases in its output?
Definitions:
Satisfaction
The degree of contentment or pleasure experienced from the fulfillment of a desire or the consumption of goods and services.
Marginal Utility
The increased value or pleasure an individual obtains from using another unit of a certain service or good.
Total Satisfaction
A measure of the overall happiness or contentment derived from consuming a combination of goods and services.
Consumer's
Related to or involving the actions and decisions of individuals who purchase goods and services for personal use.
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