Multiple Choice
At the best, or optimum, short-run level of output, the firm will be
A) maximizing total profits
B) minimizing total losses
C) either maximizing total profits or minimizing total losses
D) maximizing profits per unit.
Correct Answer:
Verified
Correct Answer:
Verified
Q9: Breakeven point means:<br>A)AR = AC<br>B)TR = TC<br>C)No
Q10: There is inverse relation between price and
Q11: When AR = AC, firm is at:<br>A)Supernormal
Q12: Given the supply of a commodity in
Q13: Total profits are maximized where<br>A)TR equals TC<br>B)the
Q15: Marginal revenue of a firm is constant
Q16: A seller cannot influence the market price
Q17: When AR passes through minimum point of
Q18: Under perfect competition, MR curve is:<br>A)Horizontal<br>B)Vertical<br>C)Falling<br>D)Rising
Q19: The short-run supply curve of the perfectly