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Title: To begin, a competitive firm is selling its output for $10 per unit and it is maximizing its profit. Now, the price rise

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Q:

To begin, a competitive firm is selling its output for $10 per unit and it is maximizing its profit. Now, the price rises to $14 and the firm makes whatever adjustments are necessary to maximize its profit at the now-higher price. Once the firm has adjusted, which of the following statements is correct?

           a.   The firm’s marginal revenue is lower than it was previously.

           b.   The firm’s marginal cost is lower than it was previously.

           c.    The firm’s quantity of output is higher than it was previously.

           d.   All of the above are correct.


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Title: To begin, a competitive firm is selling its output for $10 per unit and it is maximizing its profit. Now, the price rise

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    • Posted Date: Apr 28, 2012 at 9:28:45 PM

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A:
...sp;        a.   The firm’s marginal revenue is lower than it was...
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