The table above gives the total revenue and total cost for a ...

[fahad]

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

[Ksh22]

Answer to Question 1

A

Answer to Question 2

C

[fahad]

Thanks for the timely response, appreciate it

[juliaf]

Wow, this really help