There are fewer farmers in the United States today than 200 years ago because of
a. improvements in farm technology.
b. increased government regulations in farming.
c. an elastic demand for food.
d. environmental programs designed to reduce soil erosion.
a
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For a firm in perfect competition, a diagram shows quantity on the horizontal axis and both the firm's marginal cost (MC) and its marginal revenue (MR) on the vertical axis. The firm's profit-maximizing quantity occurs at the point where the
A) slope of the MC curve is zero. B) MC and MR curves are parallel. C) MC curve intersects the MR curve from below, going from left to right. D) MC curve intersects the MR curve from above, going from left to right.
If a competitive firm maximizes short-run profits by producing some quantity of output, which of the following must be TRUE at that level of output?
A) p > MC B) MR > MC C) p ? AVC D) All of the above.