A perfectly competitive firm's economic profit is maximized by producing the amount of output such that
A) total revenue equals total variable cost.
B) marginal revenue equals marginal cost.
C) total revenue equals total cost.
D) marginal revenue is equal to total revenue.
B
Economics
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Assuming all else equal, if firms expect the demand for their products to increase in the near future, ________
A) their labor supply curve will shift to the right. B) their labor demand curve will shift to the left. C) their labor supply curve will shift to the left. D) their labor demand curve will shift to the right.
Economics
The phrase "a change in demand" most directly implies a
A) movement along a demand curve. B) movement along the price curve. C) change in the quantity demanded of a good. D) shift of the demand curve. E) movement along the quantity curve.
Economics