A price taker's output price is $8 and the firm is producing 77 units with a marginal cost of $11.The firm should

Name: A price taker's output price is $8 and the firm is producing 77 units with a marginal cost of $11.The firm should
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Question

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A price taker should produce where marginal cost equals marginal revenue (price). Since the marginal cost ($11) is greater than the price ($8), the firm should decrease production to maximize profit or minimize loss.

A Price Taker's Output Price Is $8 and the Firm