Marginal profit is:
A) total revenue minus total cost.
B) the change in profit caused by a given managerial decision.
C) the profit earned by the firm over a brief period of time.
D) the change in profit that results from a unitary change in output.
Correct Answer:
Verified
Q1: If marginal revenue is less than average
Q2: At the profit-maximizing activity level:
A)marginal cost is
Q3: Average cost will fall as output expands
Q4: The profit-maximizing level of output occurs where:
A)marginal
Q6: If marginal cost equals average cost:
A)marginal cost
Q7: The slope of a total profit curve
Q8: If total revenue falls as output increases,
Q9: Profit-maximizing firms always:
A)sell at lower prices than
Q10: If TR = $500Q - $2Q2:
A)MR =
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