Table 14-9
Suppose that a firm in a competitive market faces the following revenues and costs:

-Refer to Table 14-9.In order to maximize profit,the firm will produce a level of output where marginal cost is equal to

Question

Table 14-9
Suppose that a firm in a competitive market faces the following revenues and costs:
 
-Refer to Table 14-9.In order to maximize profit,the firm will produce a level of output where marginal cost is equal to

Quizplus · Accepted Answer

To maximize profit, a firm produces where marginal cost (MC) equals marginal revenue (MR). In this context, the correct MC value is $9, assuming MR is also $9.

Table 14-9 Suppose That a Firm in a Competitive Market Faces the Faces