The golden rule of profit maximization states that firms maximize profit by producing at the rate of output at which price equals average total cost.

Name: The golden rule of profit maximization states that firms maximize profit by producing at the rate of output at which price equals average total cost.
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The golden rule of profit maximization states that firms maximize profit by producing at the rate of output where marginal cost equals marginal revenue, not where price equals average total cost.

The Golden Rule of Profit Maximization States That Firms Maximize