At a profit-maximizing output level,
a. marginal revenue minus marginal cost equals zero.
b. marginal profit equals zero.
c. the slope of the total profit curve is zero.
d. All of the above are true.
d
Economics
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As the price of a good rises, the consumer will experience
A) a desire to consume a different bundle. B) a decrease in utility. C) a downward or leftward movement on the indifference map. D) All of the above.
Economics
(1)(2)(3)(4)(5)QdQdPriceQsQs5040$1070806050960708060850609070740501008063040Refer to the above table. In relation to column (3), a change from column (1) to column (2) would mostly likely be caused by:
A. consumers expecting that prices will be higher in the future. B. government subsidizing production of the good. C. reduced taste for the good. D. an increase in input prices.
Economics