The deep state entered Americaâs national discourse in 2017 with the feeling of an already familiar character, ready to assume a starring role as hero or villainâdepending on how you feel about Trump.
If a firm produces past that point, then marginal revenue is less than marginal cost. This means that the firm is losing profit with each additional unit of output and it should produce less. Remember that a competitive firm has a flat MR curve which is equal to the market price.
In maximizing profit a firm will always produce that output where total revenues are at a maximum. false. After all long-run adjustments have been completed, a firm in a competitive industry will produce that level of output where average total cost is at a minimum. true A competitive firm will produce in the short run so long as its price exceeds its average fixed cost