18. Assume price is $10.The profit maximizing level of output for the firm is: GA where margināl-cost just covers AVC. - b. OB where average profit per unit is the greatest. OC where marginal cost equals the $10 price. d: -OK where average cost equals avenge revenue and the firm earns' a normal rate а. TR-F of return.

18. Assume price is $10.The profit maximizing level of output for the firm is: GA where margināl-cost just covers AVC. - b. OB where average profit per unit is the greatest. OC where marginal cost equals the $10 price. d: -OK where average cost equals avenge revenue and the firm earns' a normal rate а. TR-F of return.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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