Homework Clinic
Social Science Clinic => Economics => Microeconomics => Topic started by: londonang on Jun 30, 2018
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If marginal revenue exceeds marginal cost in the short run, total revenue for the perfectly competitive firm is greater than total cost.
a. True
b. False
Indicate whether the statement is true or false
Question 2
Which of the following statements is true about the total utility provided by a good?
a. Total utility can never be negative.
b. Total utility is maximized when marginal utility is maximized.
c. Total utility continues to increase as more of the good is consumed.
d. Total utility is maximized when marginal utility is zero (for total utility > 0).
e. Total utility is maximized when marginal utility is zero (for total utility < 0).
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Answer to Question 1
False
Answer to Question 2
d
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Correct answers!
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Great! Please up vote :D