Using a TR-TC graph, a firm maximizes profit by producing the output level where the greatest
a. vertical distance occurs between the MR and MC curves
b. vertical distance occurs between the TR and TC curves, and the TR curve is above the TC curve
c. total revenue occurs
d. horizontal distance occurs between the TR and TC curves, and the TR curve is above the TC curve
e. horizontal distance occurs between the MR and MC curves, and the MR curve is rising
B
You might also like to view...
GA 400 is a state highway that runs through part of Atlanta,GA. In order to travel on one portion of GA 400, drivers are required to pay a toll. It follows that section of GA 400 will exhibit non-rivalry in consumption if
a. the road is congested. b. the road is not congested. c. the toll is decreased. d. the the toll is completely removed.
A time-series graph displays the price of copper. The slope of the line is negative for periods when the
A) price of copper is falling. B) price of copper is rising. C) quantity of copper is falling. D) price of copper is low and not changing.
When will the difference between the actual deficit and the structural deficit be the smallest?
a. in a major recession b. in a major recession c. at full employment d. in an inflationary gap
An example of a government-imposed barrier to entry gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented. This entry barrier is known as
A) a copyright. B) a patent. C) an exclusive marketing agreement. D) a tariff.