For a perfectly competitive firm, profit maximization occurs when output is such that...
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For a perfectly competitive firm, profit maximization occurs when output is such that total revenue (TR) is maximized. total cost (TC) is minimized. marginal revenue (MR)= marginal cost (MC). average total cost (ATC) is minimized. Question 35 2 pts For a single-price monopolist, why is marginal revenue less than price? this statement is false, because marginal revenue is always equal to price to sell another unit, the price must be lowered demand is elastic when another unit is sold demand is inelastic when another unit is sold
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