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If, at the present output level, price exceeds marginal cost, the purely competitive firm

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7 years ago

If, at the present output level, price exceeds marginal cost, the purely competitive firm

If, at the present output level, price exceeds marginal cost, the purely competitive firm
A) is maximizing its profit or minimizing its loss.
B) should increase output to maximize its profit or minimize its loss.
C) should reduce output to maximize its profit or minimize its loss.
D) should increase its price to maximize its profit or minimize its loss.
E) is clearly incurring a loss and should leave the industry.

Textbook

Introduction to Economic Reasoning

Edition: 8^th

Author: Rohlf

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Retnec Author

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7 years ago

My exam's next week!

Perfect timing

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