In which of the following situations does a firm in a perfectly competitive market maximize its profit?
The firm produces the quantity of output at which

Question

In which of the following situations does a firm in a perfectly competitive market maximize its profit? 
 The firm produces the quantity of output at which

Accepted Answer

the market price equals the firm's marginal cost.

Answer

the firm's minimum average variable cost equals the market price.

Answer

the firm's average variable cost equals its average fixed cost.

Answer

the firm's marginal revenue equals the market price.

Answer

the market price equals the firm's average fixed cost.

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In which of the following situations does a firm in a perfectly competitive mark...

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