If marginal cost is below average cost, marginal cost must be rising.

A popular resort restaurant will maximize profits if it chooses to stay open during the less-crowded "off season" when its total revenues exceed its fixed costs

a. True b. False Indicate whether the statement is true or false

Economic profits are maximized at the point at which

A) marginal revenues equal marginal costs. B) accounting profit exceeds economic profit. C) total revenues are greater than total costs. D) accounting profits are equal to zero.