In a perfectly competitive market, an increase in market price shifts the marginal revenue curve3/13/2024 ![]() What would you advise the management to do in orderto ensure they maximize profits?A produce more units of output.B. Its marginal cost fromproducing the 500th unit is $45. Assuch, management decides to produce 500 units of output. Assume a perfectly competitive firm is facing a price of $50 in the market place. sells at the going market price.D chooses its profitÂmaxmimizing price.6. sells at the governmentÂregulated price.C. A perfectly competitive seller:A sells a differentiated product, so its price is different from the price charged by its. ![]() face extraordinarily high barriers to entry.D. ![]() In a perfectly competitive market, firms are usually:A. Assuming the wheat market is perfectly competitive, if the wheat harvest is doublewhat was predicted, the market price for wheat would be expected to rise.TrueFalse4. For a perfectly competitive firm, the profit maximizing level of output always occurswhen marginal revenue equals zero.TrueFalse3. 1.In perfect competition, price is always greater than marginal revenue at every level ofoutput.TrueFalse2.
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