Assume That Price Is Greater Than Average Variable Cost

question 58

Multiple Choice

Assume that price is greater than average variable cost.If a perfectly competitive seller is producing at an output where price is $11 and the marginal cost is $14.54, then to maximize profits the firm should

• A)continue producing at the current output.
• B)produce a larger level of output.
• C)produce a smaller level of output.
• D)There is not enough information given to answer the question.

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Definitions:

MCR Instruction

A Master Control Reset instruction in PLC programming that is used to turn off a defined block of outputs regardless of the conditions within the block.

Rung Outputs

The final elements in a ladder logic diagram in PLC programming, representing actions executed based on the conditions evaluated in the rung.

Label Address

A specific identifier used in programming to refer to a particular location in memory or an instruction within a program.

JMP Instruction

An assembly language instruction for causing a jump to a different part of the program, altering the sequence of instruction execution.