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Profit maximizing level of output

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Reference no: EM132503733

1. For a perfectly competitive market, at the profit maximizing level of output

a. P = MR = MC

b. P > MR > MC

c. P < MR < MC

d. P > 0 and MR = 0

e. Input can be put to so many different uses.

2. Which of the following is the set of conditions necessary for long-run equilibrium for a perfectly competitive firm?

a. P = MR = MC and P < LAC

b. MR = P > MC and P = LAC

c. P = MR = MCand P > LAC

d. P = MR = MC and P = LAC

3. Draw the short-run equilibrium for a perfectly competitive firm that is making a loss and is below the shut down point. Clearly label all the curves.

Reference no: EM132503733

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