The fundamental rule of profit maximization for firms is to produce where:

a. MR = MC.
b. ATC is minimized.
c. quantity of output is maximized.
d. price is maximized.
e. total revenue is maximized.

a

Economics

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______ demand is when the quantity demanded changes proportionately to price changes.

a. Perfectly elastic b. Unit elastic c. Perfectly inelastic d. Unit inelastic

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Notes in circulation are:

What will be an ideal response?

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Economics