Suppose that price is greater than average variable cost. When a perfectly competitive seller is producing at an output therefore price is $11 and the marginal cost is $14.54, in that case to maximize profits the firm must: w) continue producing at the current output. x) produce a larger level of output. y) produce a smaller level of output. z) There is not enough information given to answer the query.
Can someone explain/help me with best solution about problem of economic...