At the profit-maximizing level of output for a perfectly competitive firm
A) average revenue equals average variable cost and price equals marginal cost.
B) marginal revenue equals marginal cost and average total cost equals average fixed cost.
C) price equals marginal cost.
D) price equals average revenue and marginal cost equals average variable cost.
C
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Assortative mating means that
A) poor women and rich men tend to marry. B) rich women and rich men tend to marry. C) rich women and poor men tend to marry. D) there are limited incentives to marry anyone.
From any point within the production possibilities frontier,
A) the only way to increase production of one good is to decrease production of the other. B) it is possible to increase both people's utility. C) it is possible to increase output of both goods. D) any move will necessarily decrease production of some good.