A firm seeking to maximize economic profits should produce at the output at which
A) total revenue equals total cost.
B) marginal revenue equals marginal cost.
C) average revenue equals average cost.
D) marginal revenue equals average revenue.
B
Economics
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The long run: a. is a period long enough for every input except plant size to be varied. b. is a period in which there are no fixed costs
c. is typically a period of two years. d. is all of the above.
Economics
As the capital stock reduces , we would expect the long-run aggregate supply curve to
A. shift right. B. remain the same. C. shift left. D. first shift right, then shift left.
Economics