When price is greater than marginal cost for a firm in a competitive market,what should the firm do to maximize profit
A) The firm should increase production since its marginal cost is falling.
B) The firm must be minimizing its losses since its marginal cost is rising.
C) There are opportunities to increase profit by increasing production.
D) The firm should decrease output to maximize profit.
Correct Answer:
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Q56: Table 14-3 Q57: Managers of a firm think at the Q58: Figure 14-2 Q59: Figure 14-1 Q60: If marginal cost for a firm exceeds Q62: If a competitive firm is currently producing Q63: When will a profit-maximizing firm shut down Q64: Why is a competitive firm's marginal-cost curve Q65: Suppose that in 2015,farmers in western Canada Q66: Figure 14-3 Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
