For a Perfectly Competitive Firm,profit Is Maximized at the Output

question 78

Multiple Choice

For a perfectly competitive firm,profit is maximized at the output level where
i.total revenue exceeds total cost by the largest amount.
ii.marginal revenue equals marginal cost.
iii.price equals marginal cost.

• A) i only
• B) ii only
• C) ii and iii
• D) i and ii
• E) i, ii, and iii

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Definitions:

Genotypic Frequencies

The proportion of different genotypes in a population, which can change over time due to evolutionary processes.

Nonevolving Population

A theoretical population in which allele frequencies do not change over time, effectively not undergoing evolution.

Speciation

Origin of new species due to the evolutionary process of descent with modification.

Genetic Drift

A mechanism of evolution that involves random changes in the frequency of alleles within a population over time.