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Which stage of production is more profitable for a firm

Stage one is the period of most growth in a company's production. In this period, each additional variable input will produce more products. This signifies an increasing marginal return; the investment on the variable input outweighs the cost of producing an additional product at an increasing rate Profit becomes more a challenge of production/distribution efficiency than increased sales. Product Life Cycle Stages - With Pricing Strategies at each Stage of Product Life Cycle The pricing strategies followed by a firm would vary from stage to stage over the life cycle of a product, depending upon the market conditions Although the firm is facing downwards slope, the total productivity will be still higher than stage 1. At this stage average productivity is also equal to marginal productivity; hence elasticity coefficient is equal to 1. That means change lead by one per cent in input causes one per cent change in the output

The four stages in the product life cycle are: Introduction. Growth. Maturity. Decline. 1. Introduction Stage. When a product first launches, sales will typically be low and grow slowly. In this stage, company profit is small (if any) as the product is new and untested Stages of the Life Cycle. As illustrated in , the product life cycle consists of the following stages:. Introduction: When a product enters the life cycle, it faces many obstacles. Although competition may be light, the introductory stage usually features frequent product modifications, limited distribution, and heavy promotion. The failure rate is high. Production and marketing costs are also.

The marginal cost of production is the cost of producing one additional unit. For instance, say the total cost of producing 100 units of a good is $200. The total cost of producing 101 units is. The final stage of operations management focuses on developing more efficient methods of producing the firm's goods or services. All three decisions are ongoing and may occur simultaneously. In the following sections, we will take a closer look at the decisions and considerations firms face in each stage of production and operations management

An excess of price over marginal cost is the market's way of signaling the need for more production of a good. d. The more profitable a firm, the greater its monopoly power. e. The monopolist has a pricing policy; the competitive producer does not. f. With respect to resource allocation, the interests of the seller and of society coincide in a. At his current level of output, a monopolist has an MR of $10, an MC of $6, and an economic profit of zero. If the market demand curve is downward sloping and his marginal cost curve upward sloping, the monopolist a. is producing his profit-maximizing level of output. b. could increase his profit by increasing his output A firm produces two goods A and B. The firm earns a profit of 300 from each unit of good A, 200 from each unit of B. There are three stages in the production. Good A requires 6 hours in production, 4 hours in assembly and 5 hours for packing. The corresponding numbers for B 3, 6 and 5 respectively

Three Stages of Production in Economics Bizfluen

Product Life Cycle Stages: 5 Stages (With Diagram

More and more workers are employed in order to have larger output. Thus the total product increases at a diminishing rate and the average and marginal product decline. This is the only stage in which production is feasible and profitable because in this stage the marginal productivity of labour, though positive, is diminishing but is non-negative All profit maximizing firms in a perfectly competitive market will produce at a level where P=MR = MC = AC = AR. The first equality because of each firm is a price taker and no matter how much it sell, the additional unit is sold at the market price. Thus the MR must equal Price. Profit maximization requires MR to equal MC theory of production, in economics, an effort to explain the principles by which a business firm decides how much of each commodity that it sells (its outputs or products) it will produce, and how much of each kind of labour, raw material, fixed capital good, etc., that it employs (its inputs or factors of production) it will use

Stages Of The Production In Economics Economics

Profit Growth Is Correlated With More Accepted Ideas. Looking at 28 companies using ideation management software over two years, the authors found that the greatest number of ideas per 1,000 users correlated strongly with a company's profitability and growth More formally, marginal cost is the cost of producing one more unit (or a few more units) of output. Mathematically, marginal cost is the change in total cost divided by the change in output: M C = Δ T C / Δ Q. \displaystyle MC=\Delta TC/\Delta Q M C = ΔT C /ΔQ. If the cost of the first widget is $32.50 and the cost of two widgets is $44.

The Profit Maximization Rule states that i f a firm chooses to maximize its profits, it must choose that level of output where Marginal Cost (MC) is equal to Marginal Revenue (MR) and the Marginal Cost curve is rising. In other words, it must produce at a level where MC = MR Inadequate financial capital. The last stage in the five-step decision process described in the text is to. a. determine the objective. b. select the best possible solution. c. implement the decision. d. explain the decision to managers. The first stage in the five-step decision process described in the text is to A firm shall produce the multi-product to the level where MR from sales of all these products equals the MC. If MC is more than MR then the firm shall stop producing and selling one of the products which offer less MR than MC. Pricing of Multiple Products or Joint Products: Products can be related in production as well as demand The business life cycle is the progression of a business in phases over time and is most commonly divided into five stages: launch, growth, shake-out, maturity, and decline. The cycle is shown on a graph with the horizontal axis as time and the vertical axis as dollars or various financial metrics. In this article, we will use three financial. These stages of production apply to short-term production of goods, with the length of time spent within each stage varying depending on the type of company and product. During the first stage of production, the total product curve always has a positive slope, with marginal product always being initially greater than average product

When a firm satisfies the condition given in Equation 8.10 for efficient use, it produces the greatest possible output for a given cost. To put it another way, the firm achieves the lowest possible cost for a given level of output. As the price of labor rises, the firm will shift to a factor mix that uses relatively more capital and relatively less labor Further, for smaller outputs of firm 2, firm 1's maximal profit is higher (when firm 2 produces less, more of the market is left over for firm 2). In fact, for any given output y 2 y 2 * of firm 2, there is a range of outputs close to y 1 * for which firm 1's profit exceeds its equilibrium profit. Thus firm 1's isoprofit curve corresponding to. In the decline stage we have a dramatic falling of sales volume. In the early part of the decline stage in particular, the product line can be very profitable to the firm. Keep in mind that sales are reducing each year, although they could still be relatively high. What is also changing is the need to invest in support the product to its. Profit. Profit has several meanings in economics. At its most basic level, profit is the reward gained by risk taking entrepreneurs when the revenue earned from selling a given amount of output exceeds the total costs of producing that output. This simple statement is often expressed as the profit identity, which states that:. Total profits = total revenue (TR) - total costs (TC 4. OPERATIONS AND PROJECT MANAGEMENT (AS LEVEL) 4.1 The nature of operations -It is also referred to as production management.Production is the transformation of inputs into outputs. Thus production takes place when a business takes inputs, carries out a production process and produces output

Product Life Cycle - Overview, Four Stages in the Product

Check the below NCERT MCQ Questions for Class 11 Economics Chapter 3 Production and Costs with Answers Pdf free download. MCQ Questions for Class 11 Economics with Answers were prepared based on the latest exam pattern. We have provided Production and Costs Class 11 Economics MCQs Questions with Answers to help students understand the concept very well If the sale is less, it amounts to definite loss to the firm. 2. Market Growth Stage: When the product gets accepted by the customers and consumers start buying it again, it brings new consumers also in the market. This enhances the sale of the product to a great extent and results in more profits to the firm Chuck Royce (Trades, Portfolio)'s firm, Royce Investment Partners, recently disclosed that it has decreased its stake in Stage Stores Inc. (NYSE:SSI) by 99.16%, leaving only a small holding of.

The Product Life Cycle - Introduction to Busines

  1. Challenge: Most seed-stage companies will have to overcome the challenge of market acceptance and pursue one niche opportunity. Do not spread money and time resources too thin. Focus: At this stage of the business the focus is on matching the business opportunity with your skills, experience, and passions.Other focal points include deciding on a business ownership structure, finding.
  2. A Firm's Life Cycle: Cash Flows The lower panel of Exhibit 3.1 shows the cash flows from operating, investing, and financing activities during the four life cycle phases. As with revenues, the length of phases and steepness of the net income and cash flow curves vary depending on the success and sustainability of a product or a firm's.
  3. The increased competition also leads to more substitutes for firms and, hence, firm demand is more elastic than is market demand. As the number of firms in the market increase then firm demand will become more elastic. • Market Power Market power is the ability of a firm to raise price and not lose all of its quantity demanded
  4. This is characterized by growing demand, an increase in production, and expansion in its availability. Maturity: This is the most profitable stage, while the costs of producing and marketing decline
  5. 14) A firm pays $50,000 for a machine that is used in production for one year, after which it is sold for $40,000 to another firm. The $10,000 difference is A)an explicit cost of production. B)economic depreciation, an implicit cost of production. C)normal profit. D)not counted as an economic cost of production

1 −, and production costs normalized to zero. a. Find the psNE of the game when firms simultaneously and independently choose quantities. Determine the equilibrium profit level for each firm. b. Consider now that two (out of three) firms merge, and thus choose their output decision in order to maximize their joint profits Daniel Ek: Eventually we will get to more of a point of maturity where we'll focus more on profit over growth, but for the next few years it's going to be predominantly growth for us. We're in the growth stage, trying to capture that growth. and more stats from the firm's annual report

7 stages of new product development process 1. Idea Generation: The focus in this first stage is on searching for new product ideas. Few ideas generated at this stage are good enough to be commercially successful. New product ideas come from a variety of sources. An important source of new product ideas is customers The PLC describes the four key stages that a product is likely to experience between its launch and its disappearance from the market. The characteristics of the product life cycle stages are discussed below. Introduction Stage. When a product is launched on the market, its sales will begin to grow slowly and profit, if any, will be rather small The Profit Maximization Rule states that i f a firm chooses to maximize its profits, it must choose that level of output where Marginal Cost (MC) is equal to Marginal Revenue (MR) and the Marginal Cost curve is rising. In other words, it must produce at a level where MC = MR If the firm decides it is profitable to operate, another principle from Chapter 2 Key Measures and Relationships stated that the firm should increase production up to the level where marginal cost equals marginal revenue. In the case of a flat demand curve, the marginal revenue to a firm is equal to the market price

Marginal Revenue and Marginal Cost of Productio

  1. According to the traditional economic definition, vertical integration is the combination, under a single ownership, of two or more stages of production or distribution (or both) that are usually.
  2. If a firm faces lower costs of production, while the prices for the good or service the firm produces remain unchanged, a firm's profits go up. When a firm's profits increase, it is more motivated to produce output, since the more it produces the more profit it will earn
  3. In the long run, firms make the decision either to stay in the market, or to leave the market. (Leaving the market is different from stopping production: a firm can temporarily halt production with the intention of starting up once it becomes profitable again. Leaving the market is much more permanent.) How do they make this decision
  4. ishing marginal returns

A firm's profitability depends on more than just how well it's run. Some well-managed firms make very low profits, while some poorly-managed firms make very large profits. A firm's profitability depends in part on whether other firms can easily enter its market and compete with it Transcript. Accounting profit is what many people tend to think of when they think profit, but an economist would say that you leave something very important out when you do so: opportunity costs. In this video, explore the difference between a firm's accounting and economic profit. Created by Sal Khan

Economic Production These three distinct stages of short-run production are not equally important. Stage I, and with largely increasing marginal returns, is a great place to visit, but most firms move through it quickly. Because each variable input is increasingly more productive, firms employ as many as they can, as quickly as they can The production function simply states the quantity of output (q) that a firm can produce as a function of the quantity of inputs to production. There can be a number of different inputs to production, i.e. factors of production, but they are generally designated as either capital or labor. (Technically, land is a third category of factors of.

The firm should not necessarily stop producing additional units. If marginal product is still high, the firm should continue production if it can sell the output for more than the input costs. (If a firm has a negative marginal product, total output will fall, but a diminishing marginal product is not always a bad thing. Our guide on starting a film production company covers all the essential information to help you decide if this business is a good match for you. Learn about the day-to-day activities of a film production company owner, the typical target market, growth potential, startup costs, legal considerations, and more Production Function and Stages of Production -- Applying the Concept of Diminishing Marginal Productivity. Based on the assumptions of a goal of profit maximization and making decisions in the short run, combined with our understanding of diminishing marginal productivity, the question is what level of input should a manager use and what level of output should the manager produce to maximize. In this stage sales flatten one per capital basis because of market saturation. Decaying Maturity. In this level the absolute level of sales start to decline and customer switching to other product and substitution. In this stage abandon weaker production and concentrate on more profitable and new products. Market management adopt: Market.

Economic Profit in the Short Run. A firm's economic profit is the difference between total revenue and total cost. Recall that total cost is the opportunity cost of producing a certain good or service. When we speak of economic profit we are speaking of a firm's total revenue less the total opportunity cost of its operations Here is a List of 51 Money Making Agriculture Business Ideas. #1. Agri Clinic. The primary objective of an Agri-clinic business is to provide paid services for the enhancement of agriculture production and income of farmers. #2. Bakery. A bakery is one of the most profitable food processing business opportunities A Profit and Loss statement that shows revenue, direct costs, gross profit, indirect labor and non-labor costs, and operating profit for past years and by quarter for the current year and by year for two or more years into the future with institutions that could absorb firm-specific technological know-how. This profitable international production fragmentation became feasible with the onset of the information and communications technology (ICT) revolution, which enabled the coordination of spatially dispersed complex tasks at a relatively low cost. The growth of global suppl So, to reduce production cost to the minimum & maximize profit, John should produce 103 units every month. Simply putting the formula on graph, marginal cost curve should be cutting the marginal revenue cost from below(as shown in the picture). At this point, a manufacturing firm minimizes it's production cost & maximizes it's profit. 9

Chapter 14: Advanced Techniques for Profit Maximization 303 Bundling Multiple Products 2. When price discrimination is not possible and if two conditions are met, bundling multiple goods and charging a single price for the bundle can be more profitable than charging individual prices for multiple goods. 3 The firm's goal is to use the information available to it (its marginal cost curve and the market price) to choose a quantity to produce so as to maximize its profit (note that fixed costs are treated as sunk costs and thus do not affect the profit calculation). If the firm chooses to produce a quantity , the profit (the objective function to. FORT WORTH, Texas - Blackstone Group today announced an investment in Simpli.fi that values the ad-tech firm at $1.5 billion, marking the latest stage in its growth since its founding in 2010. For Frost Prioleau, chief executive of Simpli.fi, the Blackstone investment follows a series of partnerships with investors that have provided strategic know-how in addition to funding The law of variable proportions is a new name for the law of diminishing returns, a concept of classical economics. But before getting on with the law, there is a need to understand the total product (TP), marginal product (MP) and average product (AP). Total Product: Total product is the total output obtained from the combined efforts of all. 3. Multinational Stage. The company becomes a multinational enterprise when it begins to plan, organize and coordinate production, marketing, R&D, financing, and staffing. For each of these operations, the firm must find the best location. Rule of Thumb A company whose foreign sales are 25% or more of total sales

Production and Operations Management—An Overview

  1. True/False Quiz. The production function is an equation, table, or graph that shows the maximum output that can be produced from different combinations of inputs. a. True. b. False. Production refers to all activities involved in the production of goods and services. a. True
  2. Page 1 of 29 CHAPTER SIX THE THEORY AND ESTIMATION OF PRODUCTION For the manager of a profit-maximizing firm, seeking the maximum total revenue may not ensure attaining maximum profits. Profit is the difference between total revenues and total costs. Total revenue depends on price and quantity. For a given price, under competition, a successful manager should aim at two intermediate targets.
  3. ed on a value basis (sales price multiplied by volume) or on a unit basis (number of units shipped or number of customers served). While the firm's own sales figures are readily available, total market sales are more difficult to deter
  4. Maturity Stage. The third stage of the product life cycle can be a challenging time for manufacturers as they look to maintain their market share while growth slows down. It can be hard for businesses to maintain profit margins with the product as other companies get into the market with their own products and the market potentially becomes.
  5. ation of how much output to produce
  6. This means the firm will see a fall in its profit level because the cost of these extra units is greater than revenue. Profit maximisation for a monopoly. In this diagram, the monopoly maximises profit where MR=MC - at Qm. This enables the firm to make supernormal profits (green area). Note, the firm could produce more and still make normal.
  7. An important reason why a large firm may be more profitable than a small firm is that the large firm produces its output at lower cost per unit. This may be possible for two reasons: Technological advantages : Large-scale production often uses fewer inputs per unit of output

Chapter 12 Flashcards Quizle

In contrast, the Growth stage can be the most profitable part of the whole cycle for a manufacturer. As production increases to meet demand, manufacturers are able to reduce their costs through economies of scale, and established routes to market will also become a lot more efficient This occurs when TR = TC. This is the break-even point for a firm (P2). It is the minimum profit level to keep the firm in the industry in the long run. See more on normal profit. Definition supernormal profit. Supernormal profit is any profit above and beyond the level of normal profit (min. profit needed to keep firm in business Product life cycle is the set of stages a product goes through during its lifetime. The journey starts from the day it is just an idea to the day it is finally removed from the market. Usually, there are 4 different stages in the Product life cycle. Contents [ show] 1 Introduction Stage. 1.1 Marketing Mix in the Introductory Stage. 1.1.1 Product

ABC shows how indirect product costs depend on production volume for each product, more accurately than traditional cost allocation methods. If the firm can predict future production volume accurately, it can also budget future costs accurately. Adoption of ABC and ABM. A few firms began using ABC in the mid-1970s 1) P> ATC, firm makes a profit, this case is shown in the above graph. 2) P< ATC, firm experience losses, see right graph below, total loss is the shaded area. 3) P=ATC, firm breaks even (profit=0), see left graph, point A is called the break-even point (the minimum point of ATC curve)

Microeconomics Exam 3 Flashcards Quizle

A manufacturing business purchases raw materials to make products. Each product is referred to as a unit of production. Cost accounting is the discipline used to keep track of all manufacturing costs associated with each unit of production. Manufacturing costs assigned to each unit of production consist of three elements: (1) direct materials, (2) direct labor, and (3) factory overhead enterprise. If a firm is making more than this, it is earning an economic profit (also called an excess profit). A firm can of course also be in a situation where the economic costs surpass the total income - then the firm is making an economic loss. ^ S h o rt and long run The costs which a firm incurs in the production process will depend on. Based on a study of more than 1,000 companies in 35 countries. For example, we found that the percentage of women in telecommunication companies in Western Europe, historically a relatively gender. The Shut-Down Condition. We can simplify the inequality even further and arrive at the conclusion that the firm will want to produce if the price it receives for its output is at least as large as its average variable cost of production at the profit-maximizing quantity of output, as shown above. Because the firm will produce at the profit. 11. Economies of scope can arise when the joint cost of producing two or more goods is greater than the sum of the separate costs of producing the goods. can arise from purchasing economies of scale. can arise when firms employ common inputs in production. . ensure the profit-maximization of the firm. 12

Aramco H1 2017 Downstream Profit Significantly Trailed Big Oil

A firm produces two goods A and B

Mrs. Smith operates a business in a competitive market. The current market price is $8.50, and at her profit-maximizing level of production, the average variable cost is $8.00 and the average total cost is $8.25. Definition. c. Mrs. Smith should continue to operate in both the short run and long run. Term Figure 12 - 4 shows the cost and demand curves for a profit - maximizing firm in a perfectly competitive market. 16) Refer to Figure 12 -4. If the market price is $30, the firm's profit - maximizing output level is 16) A) 0. B) 130. C) 180. D) 240. 17) Refer to Figure 12 -4. If the market price is $30 and if the firm is producing output, what. Consumers will be willing to purchase more than 10 units at the price of $20 per unit The firm would have to lower its price to sell more than 10 units. The firm's average cost of production would initially increase. The firm's profits would increase. Tags: The most profitable level of output for any firm operating in the short run. A product which can be a physical object or a service should be functional and emotional to satisfy the customer's need, and to offer value, be delivered as the way customer demanded. Also, it has to include other specific elements like providing customer services. New product is the result of a creative and unique idea that is able to make consumers satisfied

Plus Two Microeconomics Chapter Wise Questions and Answers

A firm striving for cost leadership will typically spend relatively more on product related R&D than on process related R&D. False: True or false? To generate above average returns, a firm following an overall cost leadership position should not be concerned with attain attaining parity or proximity on the basis of differentation relative to. Profit Maximization Definition. Profit maximization can be defined as a process in the long run or. short run to identify the most efficient manner to increase profits. It is mainly concerned with the determination of price and output. level that returns the maximum profit. It is an important assumption Quick Quizzes. 1. When a competitive firm doubles the amount it sells, the price remains the same, so its total revenue doubles. 2. The price faced by a profit-maximizing firm is equal to its marginal cost because if price were above marginal cost, the firm could increase profits by increasing output, while if price were below marginal cost, the firm could increase profits by decreasing output

How Do Firms Decide How Many Hours of Labor to Hire

Determining Profit Maximizing Level of Production -- Marginal Cost and Marginal Revenue Maximum profit is the level of output where MC equals MR. As long as the revenue of producing another unit of output (MR) is greater than the cost of producing that unit of output (MC), the firm will increase its profit by using more variable input to. Tying allows the firm to monitor customer demand and more effectively determine profit-maximizing prices for the tied products. For example, a microcomputer firm might sell its computer, the tying product, with minimum memory and a unique architecture, then sell extra memory, the tied product, above marginal cost If it is positive, it means that the production of the firm is more valuable than the resources employed. In that case, the firm is adding value to those resources. Alternatively, if profit is negative (i.e., a loss) then the firm would be destroying value, since the resources are worth more than the products and services obtained from them A firm faces the inverse demand curve: P = 300 - 0.5*Q Which has the corresponding marginal revenue function: MR = 300 - 1*Q Where: Q is monthly production and P is price, measured in $/unit The firm also has a total cost (TC) function: TC = 4,000 + 45Q Assuming the firm maximizes profits, answer the following: 1. Assuming the firm operates as a monopolist, calculate the (i) price, (ii. Prateek Agarwal. August 01, 2017. In the Cost Theory, there are two types of costs associated with production - Fixed Costs and Variable Costs. In the short-run, at least one factor of production is fixed, so firms face both fixed and variable costs. The shape of the cost curves in the short run reflects the law of diminishing returns

More Evidence That Company Diversity Leads To Better Profit

At this stage, the owners' decision about operation objectives is based on the profits gained after competition. Footnote 6 At the second stage, the firm managers will maximize the operational objectives chosen at the first stage to decide product quality. At the third stage, the firm managers compete in quantities, as based on the. on profitability will be made first. No firm or business of any kind would ever consider profit as a driving factor for making business. In the global economy's current situation, markets are now more integrated and interconnected. That gives a level of interdependence among nations and its businesses more noticeable and undeniable As more firms enter, the supply of the product increases, driving down the price and reducing the profits. This will continue until the firm's economic profit is reduced to zero. At an economic profit of zero, firms are still earning a normal profit, which is a return sufficient to maintain the resources in their current use 1) A profit-maximizing firm will use less of a factor of production when: b) the extra cost of using an additional factor unit is greater that the value of the marginal product of the additional.

Product Life Cycle Stages - Growt

  1. As a new engineering consulting firm, Green Belt® Engineering Consulting, Inc. will initially serve small to medium sized business, from new ventures to well established businesses, but that does not in any way stop us from growing to compete with leading engineering consulting firms in the United States and on the global stage
  2. Firm 1's profit- maximising output is thus a decreasing function of how much it thinks firm 2 will produce. For each choice of output by firm 1 (q 1), firm 2 chooses the output level q 2 = f 2 (q 1) associated with the iso-profit curve farthest to the left.At the optimum point the slope of each iso-profit curve of firm 1 is zero
  3. Example. Let's consider a firm whose total revenue, total cost, marginal revenue and marginal cost functions are given below: TR 90Q 2Q 2. MR 90 4Q. TC 200 10Q 2Q 2. MC 4Q 10. We can find the profit-maximizing output using the MR = MC condition: MR MC. MR 90 4Q MC 4Q 10
  4. When production and sales move above the break-even point, the firm enters highly profitable range of activities. At breakeven point the fixed costs are fully recovered, any increase in sales beyond this level will increase profits equal to contribution. In situation A the company will start earning profit at an early stage of sales while.
  5. Among the types of agreements which need to be drafted and signed during the development stage of a film or television series production include agreements for the purchase of rights to another's work, e.g a book option or screenplay option, a life story agreement, an agreement to hire a writer to write, rewrite or polish a script, work-for.
  6. Once you have identified and measured your key profit drivers, you should develop strategies to grow them, without increasing costs. Making your business more profitable involves looking at ways to increase sales revenue as well as decreasing your costs and benchmarking your business to see where you can save money
  7. Profit maximization. AP.MICRO: CBA‑2 (EU) , CBA‑2.D (LO) , CBA‑2.D.1 (EK) Transcript. Learn about the profit maximization rule, and how to implement this rule in a graph of a perfectly competitive firm, in this video
Download Details | Sirius AlphaThe Obvious Advantages of Outsourcing Your Telecom Lead

When yen is weak, exports become more important that foreign production.) Multinational Stage: The company becomes a multinational enterprise when it begins to plan, organize and coordinate production, marketing, R&D, financing, and staffing. For each of these operations, the firm must find the best location The firm life-cycle concept provides an interesting foundation for DuPont analysis because the DuPont components may convey different incremental information at different stages of the firm's development. We use Dickinson's cash flow proxy as a parsimonious way to condition on firm life cycle for financial analysis A)in the long run it earns a normal profit. B)it must lower its price in order to sell a greater quantity. C)the price it charges is never more than its marginal cost. D)it can never earn less than normal profit. 16) 17)For a firm in monopolistic competition, the marginal cost curve intersects the average total cost curve A)at no point Profit becomes more a challenge of production/distribution efficiency than increased sales. Which industries do you think will give the highest returns in the next 2-3 years? I am sure, you are now clear about the different stages in the industry life cycle

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