Select the correct answer from the alternatives given and rewrite B. the answer: 1. A firm's equilibrium output is produced at a point MC MR (a) (c) MC < MR In the long-run all cost are (b) МС> MR 2. (a) fixed (c) avoidable 3. In perfect competition, the actions of an individual buyer or seller will (a) Have no impact on the market price (b) Have some impact on production (c) Have a significant impact on market supply (d) Have a significant impact on market demand (b) variable
Select the correct answer from the alternatives given and rewrite B. the answer: 1. A firm's equilibrium output is produced at a point MC MR (a) (c) MC < MR In the long-run all cost are (b) МС> MR 2. (a) fixed (c) avoidable 3. In perfect competition, the actions of an individual buyer or seller will (a) Have no impact on the market price (b) Have some impact on production (c) Have a significant impact on market supply (d) Have a significant impact on market demand (b) variable
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 3P
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