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Author Question: The fundamental rule of profit maximization for firms is to produce where: a. MR = MC. b. ATC is ... (Read 144 times)

PhilipSeeMore

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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.



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k.lashomb

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Answer to Question 1

a

Answer to Question 2

c




PhilipSeeMore

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)


sultana.d

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Reply 3 on: Yesterday
Excellent

 

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