The golden rule of profit maximization states that firms maximize profit by producing at the rate of output at which price equals average total cost
a. True
b. False
B
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Which market structure(s) is(are) imperfectly competitive?
One reason for increasing costs industries is that as an industry grows, it drives up the prices of inputs.
Answer the following statement true (T) or false (F)
A decrease in the real money supply can result from:
A) increase in the nominal money supply or an increase in the price level. B) increase in the nominal money supply or a decrease in the price level. C) decrease in the nominal money supply or an increase in the price level. D) decrease in the nominal money supply or a decrease in the price level.
Suppose Ben buys out Jerry's ownership in the firm but retains him as a salaried employee. If so,
a. economic profit increases b. economic profit decreases c. there is no change in economic profit d. there is no change in accounting profit e. accounting profit increases