The equality between MC and MR is
A) a necessary condition for equilibrium of the firm under perfect condition
B) a sufficient condition for equilibrium of the firm under perfect competition
C) a necessary but not sufficient condition for equilibrium of the firm under perfect condition
D) a necessary and sufficient condition for equilibrium of the firm under perfect condition
Correct Answer:
Verified
Q12: Equilibrium price is determined under perfect competition
Q13: In the market period, market supply curve
Q14: Given the supply of a commodity, in
Q15: Total profit is maximum when
A)total revenue is
Q16: Total profits are maximized where
A)tr equals tc
B)tr
Q18: The condition of equilibrium of the industry
Q19: In the short-run, a competitive firm can
Q20: If price is equal to average cost,
Q21: If price is greater than average cost,
Q22: If price is less than average cost,
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