A purely competitive firm whose goal is to maximize profit will choose to produce the amount of output at which:
a. TR and TC are equal.
b. TR exceeds TC by as much as possible.
c. TC exceeds TR by as much as possible.
d. None of the above.
4. If it is possible for a perfectly competitive firm to do better financially by producing rather than shutting down, then it should produce the amount of output at which:
b. MR = MC.
c. MR > MC.
d. none of the above.
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