In perfect competition, a firm maximizes its economic profit if it produces the output at which a. economic profit equals zero in the short run b. market price equals marginal revenue c. marginal cost equals market price d. total revenue equals total cost

The answer is C.

In a perfect competition market, profit maximization is only achieved when a firm produces output level resulting to its marginal cost equals market price, that is P=MC.

Explanation:

A firm's profit will not be maximized until its marginal revenue to product an additional unit of product equals its marginal costs, that is MR = MC.

Theoretically, in a perfect competitive market, marginal revenue equals to the market's price at all level of outputs that is MR = P.

Thus, a firm maximizes its economic profit when it has its output resulting in marginal cost equals market price, which is also equals to its marginal revenue, that is P = MC = MR.

answer; dogs;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.