For a perfectly competitive firm, profit is maximized at the output level where i. total revenue exceeds total cost by the largest amount. ii. marginal revenue equals marginal cost. iii. price equals marginal cost
A) i only
B) ii only
C) ii and iii
D) i and ii
E) i, ii, and iii
E
You might also like to view...
How does the federal government finance a budget deficit?
A) It borrows funds by selling Treasury bonds. B) It cuts spending on entitlement programs. C) It redeems its IOUs. D) It purchases U.S. Treasury bonds.
Evidence presented in the text suggests that birthrates among developing countries are lower with
(a) higher growth. (b) higher inequality. (c) higher GNP per capita. (d) all of the above.
The worst post–World War II recession in the United States occurred in
A. 1964 B. 1973 C. 1981 D. 2007
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one TV?
A. 1/3 radio B. 12 radios C. 3 radios D. 1/5 radio