To find the profit maximizing level of output, a firm finds the output level where
A) price equals marginal cost.
B) marginal revenue and average total cost.
C) price equals marginal revenue.
D) all of the above
E) none of the above
E
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What is a price support program in an agricultural market? Explain its impact on a market
What will be an ideal response?
A minimum wage set above the market equilibrium wage rate ______
A. increases both employment and the quantity of labor supplied B. decreases unemployment and raises the wage rate of those employed C. raises the wage rate of those employed and increases the supply of jobs D. increases unemployment and decreases employment
Measures of well-being include: a. pollution levels
b. infant mortality rates. c. literacy rates. d. all of the above.
If demand is elastic, then the elasticity of demand is
A. zero. B. between zero and 1. C. 1. D. more than 1.