Assume that price is greater than average variable cost. If a perfectly competitive firm is producing at an output where price is $114 and the marginal cost is $102, then the firm is probably producing more than its profit-maximizing quantity

An economic principle that explains why people pursue different occupations is

A) NAFTA. B) international trade. C) absolute advantage. D) comparative advantage.

A profit-maximizing monopolist, if producing at all, chooses a level of output where: a. total revenue is maximized

b. total cost is minimized. c. average total cost is minimized. d. marginal revenue equals marginal cost.