Price and costs (dollars) rell 4: The cost structure for a firm in a competitive market. Ps PA P3 P₂ P₁ 0 AVC ATC 5 b 8 MC al 10 11 12 Quantity (per day) 21. Refer to Figure #4. When price falls from P4 to P₂, the firm finds that it can minimize its profit loss by producing its output at, c. 11 units. d. 12 units a. 8 units b. 10 units

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Profit Maximization

Economic activity is related to the use of scarce resources of the economy that are used for producing goods and services which are required to satisfy various demands of the people. In other words, it can be said that it is all about satisfying the unlimited demands of individuals with the limited resources available. The production decision is taken by the producers or the firms. In economics, the terms ‘producers’, ‘suppliers’, and ‘firms’ are interchangeable. Now the question arises, what does a firm actually mean?