Business, 20.03.2020 20:40, dbanks701

Catering, Inc., which provides catering services in a perfectly competitive market, was maximizing profits at the market price of $22 per meal. The market price has recently increased to $28 per meal. Which of the following short-run adjustments will increase profits for Catering, Inc.?

(A) Increasing output until the marginal cost equals the new price
(B) Increasing output until the average total cost equals the new price
(C) Decreasing output because of the increase in market price
(D) Increasing the wage rate paid to its workers
(E) Increasing advertising to increase demand for the meals MRZMC=P

Answers: 1

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Catering, Inc., which provides catering services in a perfectly competitive market, was maximizing p...