A perfectly competitive firm is producing the profit-maximizing output level when their variable cost increases. If the market price does not change, to maximize profit, the firm will need to ________.   Group of answer choices   increase production   maintain the current output level   decrease production   increase production by the amount of the variable cost increase

Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter22: Price Takers And The Competitive Process
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A perfectly competitive firm is producing the profit-maximizing output level when their variable cost increases. If the market price does not change, to maximize profit, the firm will need to ________.

 

Group of answer choices

 

increase production

 

maintain the current output level

 

decrease production

 

increase production by the amount of the variable cost increase

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