Multiple Choice
Profit maximization occurs when
A) a firm expands output until marginal revenue is exceeded by marginal cost.
B) a firm expands output until marginal revenue is equal to marginal cost.
C) the price in the market is equal to the firm's marginal revenue.
D) total costs equal total revenue.
E) a firm sets the price at a point above average total cost.
Correct Answer:
Verified
Correct Answer:
Verified
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