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meganA meganA
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5 years ago

Question 1.

To maximize profit, a ________ firm will produce where marginal revenue equals marginal cost.



▸ monopolistically competitive

▸ perfectly competitive

▸ monopolistic

▸ All of these are correct.

Question 2.

Samurai Sam's, a producer of frozen sushi, is a monopolistically competitive firm. The firm is currently selling frozen California rolls at a $4 price. Samurai Sam's marginal cost is $1.75 and its marginal revenue is $1.50. The firm should ________ to maximize profits in the short run.



▸ increase output to where price just equals marginal cost

▸ decrease output to where price just equals marginal cost

▸ continue to produce the same output level

▸ Indeterminate from the given information.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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n00835996n00835996
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meganA Author
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