Refer to Table 13-4. Victoria's profit-maximizing output is where
A) total profit equals 3.
B) marginal revenue and marginal cost both equal 4.
C) marginal cost is at its minimum value.
D) marginal revenue and marginal cost both equal 3.
Question 2
Diminishing marginal product of labor occurs when adding another unit of labor
A) increases output by an amount larger than the output added by the previous unit of labor.
B) decreases output by an amount smaller than the output added by the previous unit of labor.
C) changes output by an amount smaller than the output added by the previous unit of labor.
D) decreases output.
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