Multiple Choice
If a profit-maximizing firm in a perfectly competitive market is making an economic profit,then it must be producing a level of output where
A) price is greater than marginal cost.
B) price is greater than marginal revenue.
C) marginal cost is greater than marginal revenue.
D) marginal cost is greater than average total cost.
E) average total cost is greater than marginal cost.
Correct Answer:
Verified
Correct Answer:
Verified
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