In the above figure, the profit-maximizing rate of production for the perfectly competitive firm is
A) 5.
B) 10.
C) 13.
D) none of the above.
B
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A monopolist always faces a demand curve that is:
a. perfectly inelastic. b. perfectly elastic. c. unit elastic. d. the same as the entire market demand curve.
State and local income taxes should be deducted from federal income tax.
A. True B. False C. Uncertain
Define the following terms and explain their importance to the study of macroeconomics
a. the relationship between interest rates and velocity b. lags in stabilization policy c. rules versus discretion
Accounting profit is equal to
a. marginal revenue minus marginal cost. b. total revenue minus the explicit cost of producing goods and services. c. total revenue minus the opportunity cost of producing goods and services. d. average revenue minus the average cost of producing the last unit of a good or service.