When price is greater than marginal cost for a firm in a competitive market,
a. marginal cost must be falling.
b. the firm must be minimizing its losses.
c. there are opportunities to increase profit by increasing production.
d. the firm should decrease output to maximize profit.
C
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There is a negative impact on longevity for
A. men who never marry. B. women who never marry. C. people who never marry. D. people who are divorced.
The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total fixed cost of producing 64 bikes?
A) $200 B) $300 C) $400 D) $500
The fundamental economic problem faced by individuals is
A) scarcity. B) comparative advantage. C) fair allocations of goods and services. D) randomness in the distribution of income.
The long-run aggregate supply curve shifts right if
a. immigration from abroad increases. b. the capital stock increases. c. technology advances. d. All of the above are correct.