Charlie's Chimps is a perfectly competitive firm that produces cuddly chimps for children. The market price of a chimp is $10, and Charlie's produces 100 chimps. The marginal cost of the 100th chimp is $9. Charlie's ________.
A) is maximizing its profit
B) will maximize its profit if it produces more than 100 chimps
C) will maximize its profit if it lowers the price to $9 a chimp
D) will maximize its profit if it produces fewer than 100 chimps
Correct Answer:
Verified
Q81: A perfectly competitive firm that is producing
Q82: The break-even point is defined as occurring
Q88: Q90: The difference between a perfectly competitive firm's Q93: A perfectly competitive firm maximizes its profit Q94: A firm is producing the profit-maximizing amount Q95: The marginal revenue curve for a perfectly Q96: Which of the following characterizes a perfectly Q97: A perfectly competitive firm maximizes its economic Q98: ![]()
![]()
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