Both a perfectly competitive firm and the monopolist
a. always earns an economic profit.
b. maximize profit by setting marginal cost equal to marginal revenue.
c. maximize profit by setting marginal cost equal to average total cost.
d. are price takers.

Question

Both a perfectly competitive firm and the monopolist
a. always earns an economic profit.
b. maximize profit by setting marginal cost equal to marginal revenue.
c. maximize profit by setting marginal cost equal to average total cost.
d. are price takers.

Both a perfectly competitive firm and the monopolist

a. always earns an economic profit.

b. maximize profit by setting marginal cost equal to marginal revenue.

c. maximize profit by setting marginal cost equal to average total cost.

d. are price takers.

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Both a perfectly competitive firm and the monopolist a. always earns an economic profit. b. maximize profit by setting marginal cost equal to marginal revenue. c. maximize profit by setting marginal cost equal to average total cost. d. are price takers.