The output level for a perfect price discriminator is found where

A firm's economic profits are given by:

a. total revenue minus total accounting cost. b. the owner's opportunity cost. c. total revenue minus total economic cost. d. total revenue minus the cost of capital.

Which of the following is true of marginal product?

a. The firm should produce where marginal product is greatest. b. The firm should produce where marginal product is increasing. c. When marginal product is falling, total product is falling. d. The firm should produce where marginal product is zero. e. When marginal product is increasing, total product is increasing by increasing amounts.