This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A firm in a perfectly competitive industry will maximize profits by adjusting (Read 123 times)

blinding37

  • Full Member
  • ***
  • Posts: 148
on: Oct 12, 2022

Question 1

Consider a perfectly competitive firm producing and selling mousetraps at a market price of $5.00. Suppose this firm is currently selling 1750 mousetraps at the market price of $5. If the firm raises its price to $6, its average revenue will be
◦ $5.
◦ $0.
◦ greater than $6.
◦ between $5 and $6.
◦ $6.

Question 2

A firm in a perfectly competitive industry will maximize profits by adjusting
◦ average total cost until it equals price.
◦ price until average revenue equals average total cost.
◦ price until marginal revenue equals marginal cost.
◦ output until average revenue equals short-run average total cost.
◦ output until marginal cost equals marginal revenue.
Microeconomics ¦ Ragan ¦ 17th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by blinding37 on Oct 12, 2022

dsd1212

  • Full Member
  • ***
  • Posts: 176
Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 25% of students answer this correctly


blinding37

  • Member
  • Posts: 148
Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review

softEldritch

  • Member
  • Posts: 334
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

When taking monoamine oxidase inhibitors, people should avoid a variety of foods, which include alcoholic beverages, bean curd, broad (fava) bean pods, cheese, fish, ginseng, protein extracts, meat, sauerkraut, shrimp paste, soups, and yeast.

Did you know?

The Centers for Disease Control and Prevention (CDC) was originally known as the Communicable Disease Center, which was formed to fight malaria. It was originally headquartered in Atlanta, Georgia, since the Southern states faced the worst threat from malaria.

Did you know?

Bacteria have been found alive in a lake buried one half mile under ice in Antarctica.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Rebound Tenderness, Apply Firm Pressure to the Abdomen Rebound Tenderness, Apply Firm Pressure to the Abdomen
Non-competitive inhibition Non-competitive inhibition
John Lewis Krimmel’s painting of the Fourth of July in Centre Square Philadelphia (1812) shows the d John Lewis Krimmel’s painting of the Fourth of July in Centre Square Philadelphia (1812) shows the d
The impact of industry and manufacturing on our life The impact of industry and manufacturing on our life
Project Management: Achieving Competitive Advantage, 5th Edition Project Management: Achieving Competitive Advantage, 5th Edition
Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition
Video: How antibiotics works? 💊

For a complete list of videos, visit our video library