Producing where marginal revenue equals marginal cost is equivalent to producing where
A) total revenue is equal to total cost. B) total profit is maximized.
C) average fixed cost is minimized. D) average total cost equals average revenue.
B
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In an open economy including the government, planned expenditures equals
A) C + I + G + X + M. B) C + I + G. C) C + I + G - X + M. D) C + I + G + X - M.
What are the two primary factors that influence a firm manager's choice between a labor-intensive and a capital-intensive method of production? How does each factor influence the manager's choice
What will be an ideal response?
Income in the form of goods and services is
A) known as money income. B) known as income in kind. C) not considered income by economists. D) not part of wealth.
Which statement best describes the relationship between steamboats, keelboats and flatboats on the Mississippi River in the antebellum period?
a. Steamboats were substitutes for both keelboats and flatboats. b. Steamboats were complements for both keelboats and flatboats. c. Steamboats were substitutes for keelboats and complements for flatboats. d. Steamboats were substitutes for flatboats and complements for keelboats.