The Profit-Maximizing Level of Output for a Perfectly Competitive Firm

question 69

Multiple Choice

The profit-maximizing level of output for a perfectly competitive firm in the short run occurs where _____ equals _____.

• A)marginal cost;price
• B)marginal revenue;price
• C)total revenue;total cost
• D)average revenue;average total cost

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Definitions:

Diffusion

Movement of molecules or ions from a region of higher to lower concentration; it requires no energy and tends to lead to an equal distribution (equilibrium).

Urinary System

Organ system of humans that includes the kidneys, urinary bladder, and associated structures; excretes metabolic wastes; maintains fluid balance; helps control pH.

Blood Ph

The measure of acidity or alkalinity of blood, maintained within a very narrow range, essential for physiological processes.

Nitrogenous Wastes

Waste products containing nitrogen, such as urea and ammonia, excreted by living organisms.