A sales-maximizing firm produces the output level at which
a. MR = P.
b. MR = MC.
c. MR = AC.
d. MR = 0.
d
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The willingness of consumers to buy a product at different prices is shown on a
A) demand curve. B) production possibilities frontier. C) supply curve. D) marginal cost curve.
Suppose the wage earned by pear pickers suddenly rises. Which of the following effects would we most likely observe as a result?
a. The supply of apple pickers would decrease and the equilibrium wage of apple pickers would decrease. b. The supply of apple pickers would decrease and the equilibrium wage of apple pickers would increase. c. The demand for apple pickers would increase and the equilibrium wage of apple pickers would decrease. d. The demand for apple pickers would decrease and the equilibrium wage of apple pickers would decrease.
What happens typically to a budget deficit during an economic recovery?
A. It decreases because of tax changes. B. It increases because of spending decreases. C. It decreases automatically. D. It increases automatically.
Potential real GDP ________.
Fill in the blank(s) with the appropriate word(s).