Marcy owns a photography business in Mobile,Alabama.The market for photography is very competitive.At Marcy's current production level,her marginal cost is $15 and her marginal revenue is $12.In order to maximize profits,Marcy should
A) decrease production.
B) keep production the same.
C) increase the price.
D) decrease the price.
E) increase production.
Correct Answer:
Verified
Q45: A company produces at an output level
Q46: The accompanying table represents the quantity produced,the
Q47: Where is a perfectly competitive firm's break-even
Q48: Kimiko owns a cupcake shop in Newport
Q49: At the current level of output,the following
Q51: Which of the following conditions will result
Q52: In the short run,under what conditions should
Q53: At what point does the profit-maximizing perfectly
Q54: When marginal revenue is greater than marginal
Q55: A firm will shut down in the
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