The fundamental rule of profit maximization for firms is to ...

[PhilipSeeMore]

The fundamental rule of profit maximization for firms is to produce where:
 a. MR = MC.
  b. ATC is minimized.
  c. quantity of output is maximized.
  d. price is maximized.
  e. total revenue is maximized.

Question 2

An inferior good is:
 a. any good of low quality.
  b. one that consumers buy less of at a higher price.
  c. one that consumers buy less of as their income rises.
  d. one that has few substitutes.
  e. any good made with inexpensive labor.

[k.lashomb]

Answer to Question 1

a

Answer to Question 2

c

[PhilipSeeMore]

Thanks for the timely response, appreciate it

[kishoreddi]

TYSM