To maximize profits, a firm should produce output up to the point where
A. marginal revenue equals marginal cost.
B. price equals marginal revenue.
C. the gap between the demand curve and the ATC is the greatest.
D. None of the choices are correct.
A. marginal revenue equals marginal cost.
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Which of the following activities are production?
A) combining flour, milk, and eggs to make cookies B) moving coal from southern Illinois to an electrical power plant in northern Illinois C) taking ice cubes from a tray to put in a drink D) All of the above are production.
The supply curve for a monopolist:
a. is upward sloping b. is vertical c. is equal to the MC curve above AVC d. is equal to the MR curve above the AVC e. none of the above
The resources used to make goods and services are called ____________ .
a. factors of production. b. the gross national product. c. the production possibilities frontier. d. opportunity costs.
In recent years, almost ________ percent of managers convicted of violating the Sherman Act have gone to prison.
A) 50 B) 100 C) 90 D) 75