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

The Golden Rule of Profit Maximization States That Firms Maximize