Author Question: When the firm produces the quantity that sets marginal revenue equal to marginal cost, a perfectly ... (Read 103 times)

corkyiscool3328 · **on:** Jun 29, 2018

When the firm produces the quantity that sets marginal revenue equal to marginal cost, a perfectly competitive firm is

A) determining the price it will set.
B) maximizing its revenues.
C) maximizing its profit.
D) establishing its shutdown point.

Question 2

In a supply and demand figure, the equilibrium price and quantity are found at the

A) point where quantity supplied equals quantity demanded.
B) horizontal intercept of the demand curve.
C) vertical intercept of the supply curve.
D) horizontal intercept of the supply and the demand curves.