Note that where you are given a graph of a perfectly competitive firm, the profit-maximizing price and quantity in a perfectly competitive firm occur where the marginal cost equals the marginal revenue. Hence, this is Option D - Price = $12/ Quantity = 14.
Determining the optimal price and quantity for a product is made easier for a company when it knows the profit-maximizing point.
The most effective use of resources is indicated when marginal cost and marginal income are identical, guaranteeing maximum profitability.
This idea helps companies make strategic decisions that will lead to long-term financial success and sustainability, enhancing their overall competitiveness in the marketplace.
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