If marginal revenue is less than marginal cost, the firm should
A) raise price.
B) raise marginal revenue.
C) increase its rate of output.
D) decrease its rate of output.
Correct Answer:
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Q141: A firm in a competitive industry faces
Q142: Under what condition are profits maximized?
A) at
Q143: For a perfectly competitive firm
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Q145: Marginal revenue is
A) change in total revenue/change
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Q150: Marginal revenue
A) cannot be used to determine
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