The firm should produce more output to maximize its profit. In a perfectly competitive industry, firms will have marginal revenue equal to price. Therefore, the marginal revenue is $25.
In macroeconomics, an industry is a branch of an economic system that produces a closely-related set of raw materials, items, or offerings. For instance, one would possibly refer to the wooden enterprise or to the insurance industry. While comparing a single institution or agency, its dominant supply of revenue is generally used by industry classifications to categorize it within a particular enterprise. As an example, the global widespread industrial classification (ISIC) – used at once or thru derived classifications for the professional data of most countries internationally – classifies "statistical devices" via the "monetary activity wherein they especially have interaction". Enterprise is then defined as a "set of statistical gadgets which can be classified into the identical ISIC category". however, a single business need not belong just to one enterprise, which includes when a big business (regularly known as a conglomerate) diversifies throughout separate industries.
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In a perfectly competitive industry, the market price is $25. A firm is currently producing 10,000 units of output, its average total cost is $28,its marginal cost is $20, and its average variable cost is $20. Determine whether the following statements are true or false:
What the consumers want.
More purchase on the product the more supplies needed to meet the demanding
5. Penetration Pricing
Firms typically do this when offering a new product to take away some of the market shares of competitors by lowering the price of their products.
Answer:
False
Explanation:
The finance department deals with the strategic financial issues associated with increasing the value of the business while observing applicable laws and social responsibilities.
Accounting is responsible for providing accurate quantitative information about the company's finances including recording the company's transactions, preparation and description of the financial records.
