Tammy sells woolen hats in a perfectly competitive market. The marginal cost of producing 1 hat is $24. The marginal cost of producing a second hat is $26 and the marginal cost of producing a third hat is $28. The market price of a hat is $26
To maximize profit, Tammy produces ________ per day. A) 1 hat
B) 3 hats
C) 2 hats
D) as many hats as possible
C
Economics
You might also like to view...
In order to have an effect, a price ceiling must be set ________
A) above the equilibrium price B) equal to the equilibrium price C) below the equilibrium price D) by suppliers
Economics
When the Federal Reserve buys Treasury bonds, it is called
A) a swap. B) an open market operation. C) a bond roll-over. D) bonding.
Economics