A firm's total profit is equal to the marginal cost of production multiplied by the quantity produced.
a. true
b. false
Answer: b. false
You might also like to view...
In the absence of recurring fixed costs, a monopolist will always produce a positive output quantity.
Answer the following statement true (T) or false (F)
Suppose that you have returned from your fishing expedition with 20,000 fish. The market price is $3 per fish. Your average fixed cost was $1 and your total variable cost was $5,000 . If the price jumps to $3.50 before you sell your first fish, how much extra profit, if any, do you earn?
a. $10,000. b. $25,000. c. $30,000. d. $45,000. e. $70,000.
Which of the following is not a reason why the Industrial Revolution occurred when and where it did?
A) The British government was able to more easily seize wealth. B) Institutional changes by the British government helped protect wealth. C) The British government was committed to upholding private property rights. D) The British government was able to eliminate arbitrary increases in taxes.
In what way do developing countries make the largest contribution to the global concentrations of greenhouse gases?
(a) vehicle emissions. (b) deforestation. (c) mining. (d) irrigation.