A Perfectly Competitive Firm Will Maximize Profit When the Quantity

Multiple Choice

A perfectly competitive firm will maximize profit when the quantity produced is such that the

A) firm's total revenue is equal to total cost.
B) firm's marginal revenue is equal to the price.
C) firm's marginal revenue is equal to its marginal cost.
D) price exceeds the firm's marginal cost by as much as possible.
E) firm's marginal revenue exceeds its marginal cost by the maximum amount possible.