If, for the last bushel of apples produced and sold by an apple farm marginal revenue exceeds marginal cost, then in producing that bushel the farm
A) added an equal amount to both total revenue and total cost.
B) added more to total cost than it added to total revenue.
C) maximized its profits or minimized its losses.
D) added more to total revenue than it added to total cost.
Question 2
Consider a U-shaped long-run average cost curve that has a minimum efficient scale at 6,000 units of output. In this case, this industry would be
A) an oligopoly if the market quantity demanded is 18,000 units.
B) perfectly competitive if the market quantity demanded is 20,000 units.
C) an oligopoly if the four-firm concentration ratio is more than 10 percent.
D) monopolistically competitive if the market quantity demanded is 12,000 units.
A graphical representation of the marginal value theorem.
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