Author Question: The point of maximum profit for a business firm is where: a. P = AC. b. TR = TC. c. MR = AR. d. ... (Read 56 times)

jwb375 · **on:** Jun 30, 2018

The point of maximum profit for a business firm is where:
a. P = AC.
b. TR = TC.
c. MR = AR.
d. MR = MC.
e. TR = MR.

Question 2

If a 1 percent decrease in the price of product A brings about a 3 percent increase in the sales of product B, then:
a. products A and B are complementary.
b. the cross elasticity of demand between these two products is positive.
c. products A and B are substitutes.
d. the demand for these products is inelastic.
e. the total revenue earned from product A will decrease.