Refer to the graph shown. Currently, if this perfectly competitive firm is maximizing profit, the market price is:
A) $6.50 and marginal revenue for the firm is $5.00
B) $5.00 and marginal revenue for the firm is $3.00
C) $5.00 and marginal revenue for the firm is $5.00
D) $6.50 and marginal revenue for the firm is $6.50

Question

Refer to the graph shown. Currently, if this perfectly competitive firm is maximizing profit, the market price is: 
A) $6.50 and marginal revenue for the firm is $5.00 
B) $5.00 and marginal revenue for the firm is $3.00 
C) $5.00 and marginal revenue for the firm is $5.00 
D) $6.50 and marginal revenue for the firm is $6.50

Quizplus · Accepted Answer

The Answer of Refer to the graph shown. Currently, if this perfectly competitive firm is maximizing profit, the market price is: 
A) $6.50 and marginal revenue for the firm is $5.00 
B) $5.00 and marginal revenue for the firm is $3.00 
C) $5.00 and marginal revenue for the firm is $5.00 
D) $6.50 and marginal revenue for the firm is $6.50

Refer to the Graph Shown