Under the Total Revenue and Total Cost Approach to Profit

Multiple Choice

Under the total revenue and total cost approach to profit maximization,

A) firms equate total cost and total revenue in order to maximize profit
B) the profit-maximizing output level is equivalent to the total revenue-maximizing output level
C) when total costs are minimized,profits are maximized
D) firms choose the output level where TR - TC is greatest
E) total cost must always exceed total revenue in the long run