For a perfectly competitive firm, at profit maximization
A) production must occur where average cost is minimized.
B) market price exceeds marginal cost.
C) total revenue is maximized.
D) marginal revenue equals marginal cost.
Question 2
For many years the Aluminum Company of America (Alcoa) controlled most of the world's supply of high quality bauxite, the ore needed to produce aluminum. What type of entry barrier was responsible for Alcoa's position in the aluminum industry?
A) ownership of a key input B) a patent on the manufacture of aluminum
C) economies of scale D) a government-imposed barrier
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