If a firm in a perfectly competitive industry maximizes profit by producing 100 units and the marginal cost of the 100th unit is $23, the price is
a. more than $23 since it's earning an economic profit
b. $0.23
c. $2,300
d. $23
e. not able to be calculated from the data given
D
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Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the Borda-count method, where if a town gets ranked #1, it gets 3 points per vote, a town ranked #2 gets 2 points per vote,
a town ranked #3 gets 1 point per vote, and a town ranked #4 gets no points per vote. With this method, the town that gets the greatest number of points is A) Desert Sands. B) Glacier Cove. C) Mountain View. D) Oceanside.
Aggregate supply can be thought of as
a. a fixed amount of output. b. unrelated to the price level. c. a schedule of output at different price levels. d. the volume of goods at the ends of the production possibilities curve.
Figure 7-14
Of the long-run AC curves in Figure 7-14, which displays increasing returns to scale for all levels of output?
a.
1
b.
2
c.
3
d.
4
If a competitive firm maximizes shortminusrun profits by producing some quantity of? output, which of the following must be true at that level of? output?
A) p = MC. B) MR = MC. C) p ? AVC. D) All of the above.