If it is possible for a perfectly competitive firm to do better financially by producing rather than shutting down, then it should produce the amount of output at which:* MR < MC MR = MC MR > MC none of the above Economies of scale means that* as output increases, the cost of producing that output decreases. as output increases, the cost per unit of output decreases. as output increases, the cost per unit of output increases. production is efficient because it is cheaper to produce as firm expands. In the short-run, the basic relationship between an individual firm’s supply curve under perfect competition and the market supply curve under perfect competition is* the individual firm’s supply curve is horizontal, but the market supply curve is upward sloping the individual firm’s supply curve is vertical, but the market supply curve is upward sloping the market supply curve is the summation of all the individual’s firms’ supply curves the market supply curve is equal to the average of all the individual firm’s supply curves
If it is possible for a
MR < MC
MR = MC
MR > MC
none of the above
Economies of scale means that*
as output increases, the cost of producing that output decreases.
as output increases, the cost per unit of output decreases.
as output increases, the cost per unit of output increases.
production is efficient because it is cheaper to produce as firm expands.
In the short-run, the basic relationship between an individual firm’s supply curve under perfect competition and the market supply curve under perfect competition is*
the individual firm’s supply curve is horizontal, but the market supply curve is upward sloping
the individual firm’s supply curve is vertical, but the market supply curve is upward sloping
the market supply curve is the summation of all the individual’s firms’ supply curves
the market supply curve is equal to the average of all the individual firm’s supply curves
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