Economic profits are earned when
A) price equals marginal cost.
B) price equals average variable costs.
C) price equals average total costs.
D) price is greater than average total costs.
Question 2
To gain market share
A) a firm needs to be in a competitive market.
B) a firm needs to limit substitutes.
C) a firm needs to produce a commodity.
D) a firm needs to be a substitute for other products
