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Author Question: The table above gives the total revenue and total cost for a perfectly competitive firm producing ... (Read 219 times)

fahad

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on: Jun 29, 2018
The table above gives the total revenue and total cost for a perfectly competitive firm producing chocolate chip cookies. If the firm is producing 1 pound of cookies, to maximize its profit it will
 
  A) increase its output.
  B) decrease its output.
  C) continue producing 1 pound of cookies.
  D) shut down.

Question 2

In ________ market structure, a firm's output depends ________.
 
  A) an oligopoly; only on its own marginal revenue and marginal cost curves
  B) a monopolistically competitive; in part on its competitors' price and quantity decisions
  C) an oligopoly; in part on its competitors' price and quantity decisions
  D) a monopolistically competitive; only on its marginal revenue curve


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Ksh22

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

C


fahad

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

TheDev123

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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