QUESTION 1 1 polets A cempoltive S ortig in the short run is producing 0 and MR

Question

QUESTION 1 1 polets A cempoltive S ortig in the short run is producing 0 and MR $9 to masmize profits (or minemize esses) Phis Srm should increase output D do nothing the Smm ls abeady maximizing profte QUESTION 2 1 points Save Answer A perfedly compettive es supply cuarve ls its marginal cost curve above the average variable cost curve False QUESTION 3 1 points According to the optimal output rule, profts are maximized when ms produce where the diference betwoon reverve and marginal cost is the largest False QUESTION 4 1 points Save Answer Explain how the long-run perfectly compebive oquilibium is efficient Path p QUESTION 5 1 points Save Answer For a fim producing at any level of output GREATER THAN the most profitable one, a reduction in output decreases total revenue total cost O A by the same amount as B more than O C but not nless tan Clhek Save and Submit to save and submit.Click Save All Ansuvers to save al answers Save All Anwers Save and Submit 10.24 AM

Explanation / Answer

1. Ans: increase output

Explanation:

The profit maximization condition is MR = MC.

2. Ans: True

3. Ans: False

Explanation:

The firm will maximize profit at the point where MR = MC.

5. Ans: Less than

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