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Introduction to Economics 1
Introduction to Economics 1 Deneme Sınavı
Introduction to Economics 1 Deneme Sınavı Sorusu #1266849
Introduction to Economics 1 Deneme Sınavı Sorusu #1266849
The profit maximizing output level for a perfectly competitive firm is the output level for which:
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Total revenue (TR) = Total cost (TC). |
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Total revenue (TR) > Total cost (TC). |
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Average profit = 0. |
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Marginal profit = 0. |
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Marginal revenue > Marginal cost. |
Yanıt Açıklaması:
The marginal profit is equal to the marginal revenue minus marginal cost. At profit maximization a seller should increase production up to the point where MR = MC, which means marginal profit=0.
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