5. A competitive fırm is producing a positive output to maximize its profits in the short run. Which ofthe following is not necessarily true? (Assume that marginal cost is not constant and is well definedat all levels of output.)Marginal cost is at least as large as average variable cost.Total revenues are at least as large as total costs.Price is at least as large as average variable cost.Price equals marginal cost.

In perfectly competitive market, there are many firms selling identical goods with no barriers to…

A competitive firm is producing a positive output to maximize its profits in the short run. Whic the following is not necessarily true? (Assume that marginal cost is not constant and is well det at all levels of output.) Marginal cost is at least as large as average variable cost. Total revenues are at least as large as total costs. Price is at least as large as average variable cost. Price equals marginal cost.

A competitive firm is producing a positive output to maximize its profits in the short run. Whic the following is not necessarily true? (Assume that marginal cost is not constant and is well det at all levels of output.) Marginal cost is at least as large as average variable cost. Total revenues are at least as large as total costs. Price is at least as large as average variable cost. Price equals marginal cost.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Perefect Competition

Section: Chapter Questions

Problem 17SQ

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