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15 July, 11:12

For any given price, a firm in a competitive market will maximize profit by selecting the level of output at which price intersects the a. average total cost curve. b. average variable cost curve. c. marginal cost curve. d. marginal revenue curve.

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  1. 15 July, 11:34
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    C. marginal cost curve
  2. 15 July, 11:34
    0
    The answer is C

    Explanation:

    To maximize profits in a perfectly competitive market, firms or businesses' marginal revenue must equal to marginal cost (MR=MC).

    Also price must equate marginal cost (which is the additional cost incurred in the production of one more unit of a good)

    In perfect competition, P = MC = MR.

    But in monopolistic Competition or monopoly P > MC
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