At what output does a perfectly competitive firm maximize its profit? when marginal cost equals average fixed cost when average total cost equals average revenue when total revenue equals total variable cost when marginal cost equals marginal revenue

At what output does a perfectly competitive firm maximize its profit? when marginal cost equals average fixed cost when average total cost equals average revenue when total revenue equals total variable cost when marginal cost equals marginal revenue

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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At what output does a perfectly competitive firm maximize its profit?
when marginal cost equals average fixed cost
when average total cost equals average revenue
when total revenue equals total variable cost
when marginal cost equals marginal revenue

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