QUESTION 23If a perfectly competitive firm incurs an economic loss, it should:O Shut down if this loss exceeds fixed cost.O Shut down in long run.O Shut down immediately.O Try to raise its price.QUESTION 24Suppose a firm is producing a level of output such that MR > MC. What should the firm do to maximize its profits?O The firm should increase priceO The firm should do nothing if it wants to maximize the difference between MR and MC to maximize its profits.O The firm should increase outputO The firm should hire less laborClick Save and Submit to save and submit. Click Save All Answers to save all answers.DELLF1F2F3F4E5F6F7F8F9F10%23% Question Completion Status:QUESTION 23If a perfectly competitive firm incurs an economic loss, it should:O Shut down if this loss exceeds fixed cost.O Shut down in long run.O Shut down immediately.O Try to raise its price.QUESTION 24Suppose a firm is producing a level of output such that MR> MC. What should the firm do to maximize its profits?O The firm should increase priceO The firm should do nothing if it wants to maximize the difference between MR and MC to maximize its profits.O The firm should increase outputO The firm should hire less laborClick Save and Submit to save and submit. Click Save All Answers to save all ansuers.DELLF2F3

Dear student, you have asked multiple questions in a single post. In such a case, I will be…

Answered: QUESTION 23 If a perfectly competitive…

QUESTION 23 If a perfectly competitive firm incurs an economic loss, it should: Shut down if this loss exceeds fixed cost. O Shut down in long run. O Shut down immediately. O Try to raise its price.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 13P

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