A perfectly competitive firm that is producing a positive quantity of a good maximizes its economic profit if it produces so that
A) total revenue = total cost.
B) marginal revenue = marginal cost.
C) average revenue = average total cost.
D) average total cost = average variable cost.
B
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Steve is a professor of Economics at New York State University. He worked in India for a month. The income that he earned from India will be reported as ________ in the U.S. current account
A) factor payments B) exports C) transfer payments D) imports
The Mokyr-DeCanio thesis states that real wages of Northern workers lagged behind price increases during the Civil War (1861–1865), thus shifting to the workers themselves a major part of the war's cost
Indicate whether the statement is true or false
During the 1990s, many companies shifted from
A. the Mform to product-oriented organizations. B. the Mform to functional subunits. C. product-oriented organizations to functional subunits. D. functional subunits toward more product-oriented organizations.
As additional firms enter an industry, the market supply curve
A. shifts to the left. B. shifts to the right. C. remains the same. D. none of the statements associated with this question are correct.