A perfectly competitive firm will maximize its profit at the rate of output where the vertical distance between its total revenue curve and total cost curve is the largest. This is the same rate of output where
A) marginal revenue equals marginal cost. B) marginal revenue equals marginal profit.
C) marginal revenue equals average revenue. D) average total cost equals marginal revenue.
A
Economics
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If the government collects taxes and makes expenditures of a smaller amount, bank reserves
A) are unaffected. B) may rise or fall. C) rise. D) fall.
Economics
A production function defines the output that can be produced
A) at the lowest cost, given the inputs available. B) for the average firm. C) if the firm is technically efficient. D) in a given time period if no additional inputs are hired. E) as technology changes over time.
Economics