Author Question: In perfect competition, at the firm's profit maximizing short run output, which of the following is ... (Read 85 times)

abern · **on:** Jun 30, 2018

In perfect competition, at the firm's profit maximizing short run output, which of the following is true?
a. Marginal revenue equals marginal cost.
b. Price equals marginal cost.
c. It could be earning either economic profits or losses.
d. All of the above are true.

Question 2

Marginal valuation is:
a. the maximum a person is willing to pay for an additional unit of a good or service.
b. the maximum amount of a good or service a person is willing to consume.
c. the difference between the price an individual is willing to pay for a good or service and its actual price.
d. the difference between the amount of a good or service demanded and that which is available.