Whenever marginal revenue is greater than marginal cost, a profit-maximizing firm should reduce its output.
a. True
b. False
Indicate whether the statement is true or false
Question 2
For any particular period of time, say a year, the supply of exhaustible resources:
a. decreases infinitely with an increase in price.
b. remains unaffected by any change in price.
c. increases infinitely with an increase in price.
d. increases to a certain extent with an increase in price.
e. decreases to a certain extent with an increase in price.
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