Suppose a firm in a perfectly competitive firm is incurring losses at a point where its marginal cost equals marginal revenue. However, its marginal revenue is higher than its average variable cost of production. The firm should:
a. Shut down.
b. Lower its price.
c. Continue producing the same quantity.
d. Expand production.

Question

06-07-2024
Business

Answered

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Suppose a firm in a perfectly competitive firm is incurring losses at a point where its marginal cost equals marginal revenue. However, its marginal revenue is higher than its average variable cost of production. The firm should:
a. Shut down.
b. Lower its price.
c. Continue producing the same quantity.
d. Expand production.

Sagot :

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