Question

if firms are producing at a profit-maximizing level of output where the price is equal to the average total cost

Answer 1

There must be no Economic profits. The total of the quantities that every single producer is willing to supply makes up the market supply in a market with perfect competition.

What output volume is appropriate for the corporation aiming to maximize profits?

Marginal revenue and cost must match in order to maximize total profit. At 4 units of output, in this example, the maximum profit is realized. Where MR = MC is where a corporation with perfect competition will also find its level of output that maximizes profits.

When a corporation engaged in competition seeks to maximize immediate economic gains?

The amount of output the company picks where its marginal revenue and cost are equal to optimize profits.

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