In order to maximize profits, the derivative of total revenue with respect to quantity must equal the derivative of total cost with respect to quantity

Indicate whether the statement is true or false


True

Economics

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If a market begins in equilibrium and then the demand curve shifts leftward, a

A) surplus is created, which is eliminated by a rise in price. B) shortage is created, which is eliminated by a rise in price. C) shortage is created, which is eliminated by a fall in price. D) surplus is created, which is eliminated by the supply curve shifting leftward. E) surplus is created, which is eliminated by a fall in price.

Economics

In profit centers

a. Managers are difficult to evaluate because there is no simple metric of how well they performed b. Managers typically have the necessary information to run their division efficiently c. Managers' decisions rarely affect other divisions d. Managers typically do not have the incentives to run their division efficiently

Economics

If a monopolist is producing a rate of output at which market demand is inelastic,

a. it may or may not be maximizing its short-run profit b. reducing output would reduce both total revenue and total cost c. reducing output would increase both total revenue and total cost d. reducing output would increase total revenue and reduce total cost e. increasing output will increase its short-run economic profit

Economics

The quantity demanded is always equal to the quantity supplied

Indicate whether the statement is true or false

Economics