Refer to the table below. If Fresh Laundry is currently producing 6 quality units, to maximize profit, Fresh Laundry should ________ the number of quality units as the current quality marginal revenue is ________ than its marginal cost.
Fresh Laundry is a firm that produces laundry detergent. The table above summarizes Fresh Laundry's product quality marginal revenue and marginal cost at various quality levels.
A) decrease; greater
B) increase; less
C) increase; greater
D) decrease; less
C) increase; greater
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Collusion refers to a situation where rival firms decide to
A. agree with each other to set prices and output. B. cheat on each other. C. compete aggressively against each other. D. combine their operations and merge with each other.
When the marginal product of an additional worker is less than the marginal product of the previous worker, there are ________ returns to labor
A) increasing total B) decreasing total C) increasing marginal D) decreasing marginal E) constant average
Since 1960, out-of-pocket spending on health care has increased sharply as a fraction of all health care spending
Indicate whether the statement is true or false
If S = -200 + 0.2Y and I = 100, then the equilibrium level of income is
A. 1,200. B. 1,500. C. 3,000. D. 4,000.