Which is true for a purely competitive firm in short-run equilibrium?
A) The firm is making only normal profits.
B) The firm's marginal cost is greater than its marginal revenue.
C) The firm's marginal revenue is equal to its marginal cost.
D) A decrease in output would lead to a rise in profits.
Correct Answer:
Verified
Q37: Q38: In pure competition,the average revenue of a Q39: Total revenue for producing eight units of Q40: Q41: A purely competitive firm's output is currently Q43: The MR = MC profit maximization rule Q44: A firm sells a product in a Q45: T-Shirt Enterprises is selling in a purely Q46: A firm sells a product in a Q47: 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![]()
![]()
![]()