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Introduction to Economics 1
Introduction to Economics 1 Deneme Sınavı
Introduction to Economics 1 Deneme Sınavı Sorusu #1275712
Introduction to Economics 1 Deneme Sınavı Sorusu #1275712
Which of the followings refers to the state in which a seller should increase production up to the point where marginal revenue is equal to marginal cost?
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Total revenue. |
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Profit maximization. |
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Average revenue. |
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Break-even point. |
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Shut-down point. |
Yanıt Açıklaması:
Profit Maximization: a seller should increase production up to the point where MR = MC. As MR = P under perfect competition, we can also define the profit maximizing solution by setting P = MC. Therefore, the correct option is B.
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