For a perfectly competitive firm, profit maximization occurs when output is such that
A) total revenue (TR) is maximized.
B) total cost (TC) is minimized.
C) marginal revenue (MR) = marginal cost (MC).
D) average total cost (ATC) is minimized.
E) total revenue (TR) equals total cost (TC).
C
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Data on output and aggregate expenditure in Macroland are given below.Output(Y)Aggregate Expenditure1,0001,7502,0002,5003,0003,2504,0004,0005,0004,750Based on these data, the short-run equilibrium level of output is:
A. 5,000. B. 2,500. C. 4,000. D. 1,000.
The use of cash for in-store purchases, declined from ________% in 1995 to ________ % in 2008
A) 50, 35 B) 60, 29 C) 80, 75 D) 48, 10
A One-Child Policy was instituted in 1979 in ________
A) Brazil B) South Africa C) India D) China
Comparing steady states, which of the following is a result of a permanent increase in the saving rate, but is not a consequence of a one-time increase in productivity?
A) an increase in consumption per worker B) a decrease in the marginal product of capital C) an increase in output per worker D) an increase in the growth rate of output