Which of the following rules is most consistent with profit maximization?
a. expand output when MR < MC
b. reduce output when MR > MC
c. expand output when TR > TC
d. reduce output when TR > TC
e. expand output when MR > MC
E
Economics
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To maximize its profit, the firm in the figure above will produce ________ jeans and set a price ________ per pair of jeans
A) 150; between $50 and $25 B) 125; $25 C) 125; $50 D) 125; $75 E) None of the above answers are correct.
Economics
When any effort by government causes the supply of a good to rise, what happens to the supply curve for that good?
(A) The supply curve is not affected. (B) It shifts to the right. (C) It shifts to the left. (D) It reverses direction.
Economics