A profit maximizing competitive firm in a market with NO externalities will produce the quantity of output where
- price = marginal cost
- marginal revenue = marginal cost
- marginal benefit = marginal cost
Option D
<u>Explanation:
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All of the options are true.
In a highly competitive market, companies set marginal incomes at marginal cost level (MR= MC) in order to make a profit. MR is the pitch of the profit curve, which represents the (D) and price (P) of the demand curve as well.
It is necessary to have positive, or negative economic benefits in the shorter term. The company profits whenever the price exceeds the total average cost. The company loses on the market if premiums are less than average total costs.
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Answer: Should we produce jeans with expensive machinery or less expensive labor.
Explanation: The first option a, Should we produce jeans with expensive machinery or less expensive labor is a question about how the good should be produce (how to produce). Others options are related to how you should market the goods or who should your demography be. Thus, the first option is correct.
The given statement " Without engaging in international trade, Candonia and Sylvania would have been able to consume at the after-trade consumption bundles " is FALSE
Explanation:
Any amount outside the initial PPF of a country is considered unlikely without participating in international trade. This means that the PPF bundles are the largest quantity of the items that a nation can produce (and thus consume) without exchange provided the capital of an individual country.
Candonia and Sylvania will actually consume specialization outside their own PPFs, by using the comparative advantage of each nation to realize income from the exchange.
