The accompanying table represents the quantity produced,the total revenue,and the total cost of a firm operating in a perfectly competitive market.Refer to this table to answer the following questions.

-Profits are maximized when producing _______ unit(s).

Question

The accompanying table represents the quantity produced,the total revenue,and the total cost of a firm operating in a perfectly competitive market.Refer to this table to answer the following questions.
 
-Profits are maximized when producing _______ unit(s).

Quizplus · Accepted Answer

Profits are maximized when marginal cost equals marginal revenue, which typically occurs at a production level greater than zero, often around the third unit in simple models.

The Accompanying Table Represents the Quantity Produced,the Total Revenue,and the Total