(Table: Total Cost and Output) Use Table: Total Cost and Output,which describes Sergei's total costs for his perfectly competitive all-natural ice cream firm.How many tubs of ice cream will Sergei produce in the long run?

A) 1
B) 2
C) 3
D) 4

Question

Matthew Davidson · Accepted Answer

Final Answer : C, Explanation :  In the long run, producers will produce where marginal cost equals marginal revenue. Looking at the table, when 3 tubs of ice cream are produced, the marginal cost is $9, which is equal to the marginal revenue of $9. Therefore, Sergei will produce 3 tubs of ice cream in the long run.

(Table: Total Cost and Output) Use Table: Total Cost and Output,which describes Sergei's total costs for his perfectly competitive all-natural ice cream firm.How many tubs of ice cream will Sergei produce in the long run?

A) 1
B) 2
C) 3
D) 4

Definitions

Learning Objectives

Learning Objectives

Related questions

(Table: Total Cost and Output) Use Table: Total Cost and Output,which describes Sergei's total costs for his perfectly competitive all-natural ice cream firm.How many tubs of ice cream will Sergei produce in the long run?A) 1B) 2C) 3D) 4

Definitions

Learning Objectives

Learning Objectives

Related questions

(Table: Total Cost and Output) Use Table: Total Cost and Output,which describes Sergei's total costs for his perfectly competitive all-natural ice cream firm.How many tubs of ice cream will Sergei produce in the long run?

A) 1
B) 2
C) 3
D) 4