What is the profit-maximizing rule in perfect competition?
Maximizing Profit Practice- Micro Topic 3.5

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Business
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11th Grade - University
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Produce where total revenue is maximized
Produce where fixed cost is zero
Produce where MR equals MC
Produce where total cost is minimized
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly competitive market, what is the relationship between price and marginal revenue?
Price is always higher than marginal revenue
Price equals marginal revenue
Price is always lower than marginal revenue
Price is unrelated to marginal revenue
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a firm sells each unit for $30 and the marginal cost of the sixth unit is $40, should the firm produce the sixth unit?
No, because the marginal cost exceeds the marginal revenue
Yes, because it will increase total revenue
Yes, because the price is higher than the cost
No, because the fixed cost is too high
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is total revenue calculated in a perfectly competitive market?
Marginal cost times quantity
Fixed cost plus variable cost
Price times quantity
Total cost minus profit
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important for a firm to produce where MR equals MC?
To reduce fixed costs
To increase market share
To maximize profit
To minimize losses
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