The best or optimum level of output for a perfectly competitive firm is given by the point:

Related MCQs

• A perfectly competitive firm should reduce output or shut down in the short run if market price is equal to marginal cost and price is:
• The market demand curve for a perfectly competitive industry is QD = 12 - 2P. The market supply curve is QS = 3 + P. The market will be in equilibrium if:
• In input-output analysis,____ shows the number of units of any industry’s output needed to produce one unit of another industry’s output.
• A profit-maximizing monopoly firm with a demand curve P = 50 − Q is a perfect pricediscriminator. If it has marginal costs of Rs. 10/unit and fixed costs of Rs. 30, it will produce _____ units of output and will make______ profit.
• In input-output analysis,____ is obtained by dividing the input of the desired sector by the total output of the same sector.
• In input-output analysis,if the exogenous sectors of the open input output model is absorbed in to the system as just another sector _____
• In the short run, a monopolist will shut down if it is producing a level of output where marginal revenue is equal to short-run marginal cost and price is:
• If the demand curve for a monopolist is P = 100 -20Q, then the marginal revenue of that firm is given by the equation:
• The cost per output is given by C = 2x + 27. Then the marginal cost when x = 5 is:
• The elasticity of demand for the demand curve of a firm under perfect competition is