In the _________, the perfectly competitive firm will seek out ________________________ .
A. long run; the quantity of output where profits are highest
B. short run; profits by ignoring the concept of total cost analysis
C. short run; the quantity of output where profits are highest
D. long run; methods to reduce production and shut down
Answer:C
In the _________, the perfectly competitive firm will seek out ________________________ .
A. long run; the quantity of output where profits are highest B. short run; profits by ignoring the concept of total cost analysis C. short run; the quantity of output where profits are highest D. long run; methods to reduce production and shut down
Explanation: 17. Idaho farmers can sell as large a quantity of their potato crop as they wish,