If a perfectly competitive apple farm's marginal revenue exceeds the marginal cost of the last bushel of apples sold, to maximise its profit, the farm should
A) determine what the total revenue and total cost of production are
B) increase output
C) decrease output
D) lower its price to sell more
Correct Answer:
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Q83: A perfectly competitive firm's marginal revenue curve
Q84: How are market price, average revenue, and
Q85: Figure 8.3 Q86: For a perfectly competitive firm, at the Q87: Assume that price is greater than average Q91: Figure 8.4 Q92: A perfectly competitive apple farm produces 1000 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
