Multiple Choice
For a perfectly competitive firm, profit is maximised at the output level where i. total revenue exceeds total cost by the largest amount.
Ii) marginal revenue equals marginal cost.
Iii) price equals marginal cost.
A) i only
B) i, ii and iii
C) ii and iii
D) i and ii
E) ii only
Correct Answer:

Verified
Correct Answer:
Verified
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