Because of the relationship between a perfectly competitive firm's demand curve and its marginal revenue curve, the profit maximization condition for the firm can be written as
A) P = MR.
B) P = AVC.
C) AR = MR.
D) P = MC.
E) P = AC.
D
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In this graph, what does point A show?
a. the demand level at the equilibrium quantity and marginal cost
b. the demand level at the equilibrium quantity and profit-maximizing price
c. the average total cost at the profit quantity and marginal cost
d. the average total cost and the profit quantity and profit-maximizing price
If the consumer gets 40 utils from consuming four CDs, 45 utils from consuming five CDs, and 48 utils from consuming six CDs, then the consumer's marginal utility is:
A. increasing. B. decreasing. C. constant. D. increasing at an increasing rate.
The figure above shows the market for tires. The government has imposed a tax on tires, and the sellers pay ________ of the tax
A) $10 B) $20 C) $50 D) $60 E) $30
Graph If this is a trading (open) economy, quantity demanded of cars (in thousands) will be:
a. 20 b. 40 c. 60 d. 80