18. Economic profit is maximized when: A) the slope of the total revenue curve i

Question

18. Economic profit is maximized when:
A) the slope of the total revenue curve is equal to the slope of the total cost curve.
B) marginal revenue is more than marginal cost.
C) an additional unit of output yields a benefit to the firm greater than the additional cost.
D) no more output can be sold at the market price.

19. For a firm producing at any level of output less than the most profitable one, an increase in output adds:
A) more to total cost than to total revenue.
B) more to total revenue than to total cost.
C) the same amount to total revenue as to total cost.
D) to total revenue but not to total cost.

Explanation / Answer

18) A 19) B

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