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stars_and_moon stars_and_moon
wrote...
Posts: 3218
6 years ago
A price-taking company is selling 1,000 units of a product for the market price of $100.  The marginal cost to make the 1,000th unit was $80.  The company has profits of $50,000.  Which of the following statements is true?
A) The company should lower its price so it can sell a higher quantity of the good to increase profit.
B) The company is currently maximizing profit and shouldn't change price or the quantity it is selling.
C) The company should raise its price and sell a lower quantity of the good to increase profit.
D) The company should keep its price the same but sell a higher quantity of the good to increase profit.
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kingbykingby
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Posts: 3218
6 years ago
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wrote...
6 years ago
I compared your answer with a buddy, and it matches

Thanks
wrote...
6 years ago
I was slightly debating this one, thanks for the feedback
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