Refer to the table shown. If the market price is $6, a perfectly competitive profit-maximizing firm will produce:QuantityMarginal Cost1$3253749
A. 1 unit of output.
B. 2 units of output.
C. 3 units of output.
D. 4 units of output.
Answer: B
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If aggregate planned expenditure exceeds real GDP, then
A) unplanned inventory changes are positive. B) real GDP will decrease. C) aggregate planned expenditure must decrease to restore the equilibrium. D) planned inventory changes must be negative. E) unplanned inventory changes are negative.
When real GDP increases, this implies that the production of goods and services has risen
a. True b. False Indicate whether the statement is true or false
If the price of "X" increases and you buy more "Y," then
A. "X" and "Y" are complements, and the price of "Y" will decrease. B. "X" and "Y" are substitutes, and the price of "Y" will decrease. C. "X" and "Y" are complements, and the price of "Y" will increase. D. "X" and "Y" are substitutes, and the price of "Y" will increase.
Refer to Figure 21.5. Diseconomies of scale begin to occur
A. After the third factory. B. After the first factory. C. After the fourth factory. D. At the minimum points on all five ATC curves.