Microeconomics

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If a firm decreases output when MR < MC, then: a. profit will equal zero. b. profit will ... Started by ss2343	1 Replies 31 Views	Jun 30, 2018 by zhanghao
By producing at the point where MR = MC, the firm: a. is guaranteed a profit. b. will earn a ... Started by plus1	1 Replies 11 Views	Jun 30, 2018 by Mochi
Maximizing profit means finding the maximum difference between: a. TR and TC. b. MR and MC. c. ... Started by meagbuch	1 Replies 12 Views	Jun 30, 2018 by Smiles0805
If a business firm is not operating at the point where MR = MC, then: a. it should shut down. b. ... Started by karateprodigy	3 Replies 10 Views	Jun 30, 2018 by pallen55
If, at the point where MR = MC, the firm incurs losses, in the short run the firm should: a. shut ... Started by WWatsford	1 Replies 28 Views	Jun 30, 2018 by shoemake
In the short run, a firm should shut down its operation if: a. its losses are less than TFC at the ... Started by fbq8i	1 Replies 19 Views	Jun 30, 2018 by olivia_paige29
Suppose product price is fixed at 24; MR = MC at Q = 200; AFC = 6; AVC = 25 . What do you advise ... Started by Collmarie	1 Replies 17 Views	Jun 30, 2018 by ryhom
Under perfect competition, a business firm can accept losses: a. only in the short run. b. only ... Started by imowrer	1 Replies 35 Views	Jun 30, 2018 by mirabriestensky
If a firm equates MR and MC, then: a. TR is at a maximum, and TC is at a minimum. b. output is at ... Started by neverstopbelieb	1 Replies 34 Views	Jun 30, 2018 by briezy
If a firm is currently equating MR and MC and product price = 24, AVC = 22, and ATC = 26, then in ... Started by Metfan725	1 Replies 17 Views	Jun 30, 2018 by Hikerman221
If a potato farmer expands output, he finds that the increase in total revenue is less than the ... Started by jjjetplane	1 Replies 26 Views	Jun 30, 2018 by Eazy416
The most profitable output level can be found by looking at which two curves? a. P and MR. b. MR ... Started by nummyann	3 Replies 17 Views	Jun 30, 2018 by Bsand8
If a firm's marginal revenue from its 100th unit of output is 50 and the marginal cost from its ... Started by Pea0909berry	1 Replies 37 Views	Jun 30, 2018 by yifu223
If ABC Printing is producing an output level of 100, where MR is 5 and MC is 3, then the firm is: ... Started by jace	1 Replies 53 Views	Jun 30, 2018 by ryhom
The fundamental rule of profit maximization for firms is to produce where: a. MR = MC. b. ATC is ... Started by PhilipSeeMore	1 Replies 119 Views	Jun 30, 2018 by k.lashomb
The marginal approach to profit maximization means that a firm should produce until: a. marginal ... Started by clmills979	1 Replies 37 Views	Jun 30, 2018 by mirabriestensky
A sandwich shop owner has the following information: P = MR = 4, ATC = 2, AVC = 1, MC = 4, and Q = ... Started by leilurhhh	1 Replies 59 Views	Jun 30, 2018 by chereeb
Jerome, the florist, sold 500 bridesmaid's bouquets in June. He estimates his costs that month were ... Started by penza	1 Replies 32 Views	Jun 30, 2018 by lindahyatt42
Consider a firm with the following cost information: ATC = 15, AVC = 12, and MC = 14 . If we know ... Started by OSWALD	1 Replies 9 Views	Jun 30, 2018 by joanwhite
Consider a firm with the following cost and revenue information: ATC = 8, AVC = 7, and MR = MC = 6 . ... Started by ericka1	3 Replies 12 Views	Jun 30, 2018 by cegalasso
If the price of a product falls below average total cost in the short run, the firm: a. has an ... Started by K@	1 Replies 33 Views	Jun 30, 2018 by ally
Suppose the price of a product is less than its average variable cost. When the firm's fixed ... Started by naturalchemist	1 Replies 44 Views	Jun 30, 2018 by sierrahalpin
The neighborhood ice cream shop finds that when it charges 3 per ice cream cone, its total revenues ... Started by leilurhhh	1 Replies 111 Views	Jun 30, 2018 by stanleka1
If a firm is operating at a loss in the short run and finds that its price is greater than average ... Started by jc611	1 Replies 124 Views	Jun 30, 2018 by paavo
Total profit can be calculated by: a. c and e. b. subtracting total revenue from total costs. c. ... Started by james9437	1 Replies 88 Views	Jun 30, 2018 by uniquea123