A perfectly competitive firm sells its output for $100 per unit and marginal cost is $100 per unit. To maximize short-run profit, the firm should:
a. increase output.
b. decrease output.
c. maintain its current output.
d. shut down.
c
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This Application discusses the ________ and its enforcement of international trade laws
A) World Trade Organization B) General Agreement on Tariffs and Trade C) European Union D) North American Free Trade Agreement
Consumer surveys suggest that families with less than $500 in a bank during the last five years confidently anticipate a comfortable retirement
Indicate whether the statement is true or false
In long-run equilibrium, a firm in perfect competition has no economic profit.
Answer the following statement true (T) or false (F)
When the market is in equilibrium, with no government intervention,
a. Total surplus is minimized b. Total surplus is maximized c. Government maximizes total revenue d. None of the above