For a price searcher utilizing a simple (uniform) pricing scheme, which statement best expresses the relationship between price and cost: O At the optimal output, price is just equal to average variable cost. O At the optimal output, price will be above marginal cost. O At each output, price and average total cost will be equal to each other. O At the optimal output, price equals marginal cost. O At the optimal output, price will depend on total fixed costs.

For a price searcher utilizing a simple (uniform) pricing scheme, which statement best expresses the relationship between price and cost: O At the optimal output, price is just equal to average variable cost. O At the optimal output, price will be above marginal cost. O At each output, price and average total cost will be equal to each other. O At the optimal output, price equals marginal cost. O At the optimal output, price will depend on total fixed costs.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter11: Profit Maximization

Section: Chapter Questions

Problem 11.1P

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