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A perfectly-competitive firm produces 2,000 units of a good during some period of time. For the ...

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A perfectly-competitive firm produces 2,000 units of a good during some period of time. For the ...

A perfectly-competitive firm produces 2,000 units of a good during some period of time. For the 2,000th unit, marginal cost is equal to marginal revenue. The difference between marginal revenue and marginal cost is greater for the first unit the firm produces than the second, and greater for the second than the third, and so on. Furthermore, marginal revenue is greater than marginal cost for every unit from the first to the 1,999th. It follows that the

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marginal cost curve for the firm has a downward-sloping portion and an upward-sloping portion.

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marginal cost curve for the firm is downward-sloping.

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marginal cost curve for the firm is upward-sloping.

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marginal revenue curve is downward-sloping.

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c and d

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Economics

Edition: 12^th

Author: Arnold

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