In the short run, a perfectly competitive firm's most profitable level of output is where:
a. total revenue minus total cost is at a maximum.
b. marginal cost equals marginal revenue.
c. Both of the above.
d. Neither of the above.
c
Economics
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Price ceilings, such as rent ceilings, set below the equilibrium price
A) increase producer surplus. B) decrease producer surplus. C) do not affect producer surplus. D) might increase or decrease producer surplus.
Economics
An increase in the price level, other things remaining the same, may be expected to result in ____ the consumption function
a. a downward shift of b. a movement along c. an upward shift in d. no effect on
Economics