Which of the following is a characteristic shared by a perfectly competitive firm and a monopoly?
A) Each sets a price for its product that will maximize its revenue.
B) Each maximizes profits by producing a quantity for which price equals marginal cost.
C) Each maximizes profits by producing a quantity for which marginal revenue equals marginal cost.
D) Each must lower its price to sell more output.
C
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A right-to-work law makes it illegal for
A) employers to refuse to hire union workers. B) union membership to be a requirement for continued employment in any establishment. C) union membership to be denied on the basis of race, gender, or national origin. D) a union to exist in a state.
Cutting costs at the beginning of a recession tends to make the most sense for a business that produces or provides
A) services. B) durable goods. C) nondurable goods. D) goods and services for export.