The profit-maximizing level for all firms, regardless of industry structure, is the output level where
A) TR = MC.
B) P = MC.
C) ATC = P.
D) MC = MR.
D) MC = MR.
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If a firm is currently in short-run equilibrium earning a profit, what impact will a lump-sum tax have on its production decision?
A) The firm will decrease output to earn a higher profit. B) The firm will increase output but earn a lower profit. C) The firm will not change output but earn a lower profit. D) The firm will not change output and earn a higher profit.
The benefit to some consumer of the last unit of a good consumed is
a. represented by the height of the supply curve at that quantity b. negative if the producer is suffering economic loss c. decreases at an increasing rate in a competitive product market d. is zero e. represented by the height of the demand curve at that quantity