Assume That Price Is Greater Than Average Variable Cost

question 91

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 maximise 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:

Self-control

the ability to regulate one’s thoughts, emotions, and behaviors, especially in challenging situations, in order to achieve long-term goals.

Willpower

The ability to resist short-term temptations in order to meet long-term goals.

Self-Esteem

A person's personal assessment of their own significance or importance.

Outcomes

The results or effects of an action, situation, or event, often used to evaluate the effectiveness or impact of an intervention.