A firm will maximize profit at the level of output where:
A) its marginal revenue equals total cost.
B) its marginal revenue equals marginal cost.
C) its total cost equals total revenue.
D) its average revenue equals average cost.
B
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According to ________, the law's assignment of property rights would have no effect on the way resources would end up being used
A) Milton Friedman B) Ronald Coase C) Aaron Director D) George Stigler
The figure above shows Bill's Hotdogs, a monopolistically competitive firm. If other firms enter the market and have hot dogs that are very close substitutes for Bill's Hotdogs, then the demand curve for Bill's Hotdogs will ________
A) shift leftward and become more elastic B) shift rightward and become more elastic C) shift rightward and be parallel to the original demand curve D) shift leftward and be parallel to the original demand curve