If a firm's short-run total cost curve lies above its total revenue curve at all output levels, the goal of the firm should be to
a. minimize total cost
b. maximize total revenue
c. minimize its loss
d. minimize marginal cost
e. maximize marginal revenue
C
Economics
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If a buyer in an economic transaction has more information than the seller, the buyer benefits at the expense of the seller. This phenomenon is due to
A) moral hazard. B) economically irrational behavior. C) gains from trade. D) adverse selection.
Economics
People respond to incentives
A) by ignoring negative incentives and responding to positive incentives only. B) only when they are irrational. C) as they never intentionally make decisions that would leave them worse off. D) when they have low incomes.
Economics