Author Question: A perfectly competitive firm seeking to maximize its profits would want to maximize the difference ... (Read 107 times)

ts19998 · **on:** Jun 30, 2018

A perfectly competitive firm seeking to maximize its profits would want to maximize the difference between:
a. its marginal revenue and its marginal cost.
b. its total revenue and its total cost.
c. its accounting revenue and its accounting cost.
d. its price and its marginal cost.

Question 2

If everyone in an economy had equal income, the Lorenz curve would be a curve that intersects the line of income equality at the point at which 50 percent of the population earns 50 percent of the income.
a. True
b. False
Indicate whether the statement is true or false