1) The protr-masiesirg fim will atpast production to that point at which B) aver

Question

1) The protr-masiesirg fim will atpast production to that point at which B) average variable costs are oell to merginal cos ) marginal cnets are esqual to average total costs D) marginal coots equal marginal revere 2) The "shut-down" point is at 2) A) minimum marginal cost B) point of diminishing retums C minimum average total cost D) maximum output E) none of the aboe 3) The average" in average variable cost and average revense means A) per unit of output B) per unit change of the variable input C) per unit of the variable input D) per unit change of output E) per unit of the fixed input 17A 19 A 4) 4) The loss-minimizing firm will adjust production to that point at which A) average variable costs are equal to marginal cost B) marginal costs are equal to average total costs C) marginal costs equal marginal revenue D) average variable costs are minimized E) total revenue is maximized 22 27 5) 5) At the break-even point A) the economic profits of the firm are zero B) marginal revenue exceeds marginal cost C) marginal cost is equal to average variable cost D) the rational range of production begins E) none of the above

Explanation / Answer

Ans- C

Marginal cost is equal to marginal revenue.

the condition that marginal revenue equal marginal cost is used to determine the profit maximizing level of output of every firm, regardless of the market structure in which the firm is operating.

Note- According to chegg guidelines we do only one question.

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