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Author Question: If marginal revenue exceeds marginal cost in the short run, total revenue for the perfectly ... (Read 608 times)

londonang

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on: Jun 30, 2018
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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durant1234

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Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

d


londonang

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Reply #2 on: Jun 30, 2018
Correct answers!


durant1234

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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