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Profit-Maximization, Breakeven, and Shutdown Points of Production
Under perfect competition, profit maximizes at Q*
[Practice Problems] A profit maximum is least likely to occur when:
A. average total cost is minimized.
B. marginal revenue equals marginal cost.
C. the difference between total revenue and total cost is maximized.
[Solutions] A
The quantity at which average total cost is minimized does not necessarily correspond to a profit maximum.
355Profit-Maximization, Breakeven, and Shutdown Points of Production:Points of Production:competition[Practiceminimized does not necessarily correspond to a profit maximum.
502Marginal Revenue, Marginal Cost, and Profit Maximization:[Practice,200 units is closest to:period.MC = ΔTCΔQ.Long-runVariableAveragethat 1 MR = MC and 2 MC is not falling.
261Economies of Scale and Diseconomies of Scale:as the firm increases its output:size under perfect competition over the long run.
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