Given the total cost and total revenue curves in the figure above, what is the profit-maximizing output level?
A) 30,000 bushels
B) 60,000 bushels
C) 80,000 bushels
D) All output levels occur between 30,000 and 80,000 bushels are profit-maximizing output levels.
B
Economics
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State the law of diminishing marginal returns
What will be an ideal response?
Economics
Where marginal cost is less than average cost,
A. opportunity cost must have been excluded from the calculation of marginal cost. B. marginal cost must be falling. C. marginal cost must be rising. D. marginal cost may be rising, falling, or constant.
Economics