Author Question: If a firm equates MR and MC, then: a. TR is at a maximum, and TC is at a minimum. b. output is at ... (Read 21 times)

neverstopbelieb · **on:** Jun 30, 2018

If a firm equates MR and MC, then:
a. TR is at a maximum, and TC is at a minimum.
b. output is at a maximum.
c. losses are at a maximum.
d. profits are at a maximum or losses are at a minimum.
e. both TR and TC are at a maximum.

Question 2

An increase in the price of good X causes the demand for good Y to shift inward. One can conclude that X and Y are:
a. complements.
b. substitutes.
c. unrelated goods.
d. normal goods.
e. exceptions to the law of demand.