The further in the future a payment is received, the more it is worth today.

The profit-maximizing output for the perfectly competitive firm occurs at the point at which

A) TR - MR is at a maximum. B) TR - TC is at a minimum. C) MR = MC. D) TR - ATC is at a maximum.

In a perfectly competitive market, a firm that raises its price when its competitors do not

a. must have a differentiated product b. must have relatively high costs and therefore must raise price to compensate c. sells no goods d. gains market share e. will become a monopolist eventually