Rearrange the following steps in the process of determining producer equilibrium with the help of Marginal Cost (MC) and Marginal Revenue (MR) in perfect competition:
(A) Marginal Cost (MC) equals Marginal Revenue (MR)
(B) The firm’s output is adjusted to maximize profit
(C) The firm evaluates the cost and revenue to find the optimal production level
(D) The firm ensures that the difference between total revenue and total cost is maximized
Choose the correct answer from the options given below:
1
(A), (C), (B), (D)
2
(C), (A), (B), (D)
3
(B), (A), (C), (D)
4
(C), (B), (D), (A)