Reference no: EM13984177
1) A monopolistic competitor wishing to maximize profit will select profit will select a quantity where:
a) marginal cost equals average cost
b) marginal revenue equals marginal cost
c) marginal revenue equals average cost
d) marginal cost equals demand
2) If a firm is producing a quantity where marginal revenue exceeds marginal cost, the firm should ____existing levels of production, in order to____.
a) expand ; decrease total costs
b) decrease; increase profitability
c) decrease ; increase total revenue
e) expand ; increase profitability
3) If a firm is producing a quantity where marginal cost exceeds marginal revenue, the firm should____exisiting levels of production, in order to_____.
a) expand ; decrease total costs
b) decrease ; increase profitability
c) expand ; increase profitability
e) decrease ; increase total revenue
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