In the short run, perfectly (or purely) competitive firms will maximize their profit by producing (select all options that apply): a. a quantity where marginal revenue > marginal cost. b. the quantity where marginal revenue = marginal cost. c. the largest quantity possible, not considering costs or revenues. d. a small quantity to drive up the price. e. the quantity where price equals marginal cost. f. none of the above are correct.
In the short run, perfectly (or purely) competitive firms will maximize their profit by producing (select all options that apply): a. a quantity where marginal revenue > marginal cost. b. the quantity where marginal revenue = marginal cost. c. the largest quantity possible, not considering costs or revenues. d. a small quantity to drive up the price. e. the quantity where price equals marginal cost. f. none of the above are correct.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In the short run, perfectly (or purely) competitive firms will maximize their profit by producing (select all options that apply):
a. a quantity where marginal revenue > marginal cost.
b. the quantity where marginal revenue = marginal cost.
c. the largest quantity possible, not considering costs or revenues.
d. a small quantity to drive up the price.
e. the quantity where price equals marginal cost.
f. none of the above are correct.
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