Adopting a uniform menu across all sites provides the McDonald's Corporation __________ by spreading the cost of menu development over a large output

The above figure illustrates a perfectly competitive wheat farmer

a. What will be the firm's profit-maximizing price and output? b. When the farmer produces 25,000 bushels of wheat, the difference between the firm's average total cost and the price is at its maximum. Explain why this amount of wheat either is or is not the profit-maximizing quantity.

Assume the market price is greater than average total cost at the perfectly competitive firm's profit-maximizing level of output

In this case, the firm is earning positive economic profits, which act as an incentive for new firms to enter the market. Indicate whether the statement is true or false