Mark owns a cattle ranch near Hugo, Oklahoma. Mark is currently producing beef at an output level where marginal revenue exceeds marginal cost. In order to maximize his profit, Mark should
A) not change his output.
B) decrease his output.
C) increase his output.
D) shut down his ranch.
E) probably change his output, but more information is needed to determine if he should increase, decrease, or not change it.
C
You might also like to view...
The process by which unions and firms agree on the terms of employment is called collective bargaining
a. True b. False Indicate whether the statement is true or false
A barrier to entry that significantly contributes to the establishment of a monopoly would be:
A. patents. B. price-taking behavior. C. diseconomies of scale. D. X-inefficiency.
Consider a society facing the production possibilities curves in the figure shown. What is the most likely cause of a society moving from PPF3 to PPF1?
A. A tornado B. A desire to read less books C. Better sewing technology D. More workers
The money supply is ________ related to the nonborrowed monetary base, and ________ related to the level of borrowed reserves
A) positively; negatively B) negatively; not C) positively; positively D) negatively; negatively