Mark owns a cattle ranch near Hugo, Oklahoma. Mark is currently producing beef at an output level where marginal revenue exceeds marginal cost. In order to maximize his profit, Mark should
A) not change his output.
B) decrease his output.
C) increase his output.
D) shut down his ranch.
E) probably change his output, but more information is needed to determine if he should increase, decrease, or not change it.
C
Economics
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Which of the following has most likely caused the shift to S2?
a. a decrease in input prices
b. an increase in prices of production substitutes
c. an expectation of a higher future price
d. a decrease in number of sellers
Economics
Which fundamental economic question is most closely related to the issues of income distribution and poverty?
A. The What to Produce question. B. The Why to Produce question. C. The How to Produce question. D. The For Whom to Produce question.
Economics