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Author Question: A perfectly competitive firm maximizes its profits by (Read 92 times)

Tiffanyanne824

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on: Oct 12, 2022

Question 1

If a perfectly competitive firm in the short run is producing where P = ATC = MC, this firm is
◦ on the downward-sloping portion of its demand curve.
◦ earning economic profits.
◦ at its profit-maximizing output level.
◦ incurring losses.
◦ obliged to shut down.

Question 2

A perfectly competitive firm maximizes its profits by
◦ choosing the optimal level of output.
◦ choosing the optimal price.
◦ maximizing total sales.
◦ pricing slightly under its competitors.
◦ maximizing total revenue.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by Tiffanyanne824 on Oct 12, 2022

DevinBrifm

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Reply #1 on: Oct 12, 2022
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Tiffanyanne824

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

kusterl

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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