1.If a firm is producing where MR > MC Answer A. the revenue gained by producing

Question

1.If a firm is producing where MR > MC
Answer


A. the revenue gained by producing one more unit of output exceeds the cost incurred by doing so.


B. the revenue gained by producing one more unit of output equals the cost incurred by doing so.


C. the revenue gained by producing one more unit of output is less than the cost incurred by doing so.


D. The firm is already maximizing profits because revenue is being increased by more than costs.

2.The added revenue that a firm earns from selling an additional unit of output is
Answer


A. total revenue


B. marginal revenue

C. variable revenue

D. fixed revenue

Explanation / Answer

1.If a firm is producing where MR > MC
Answer


A. the revenue gained by producing one more unit of output exceeds the cost incurred by doing so.


B. the revenue gained by producing one more unit of output equals the cost incurred by doing so.


C. the revenue gained by producing one more unit of output is less than the cost incurred by doing so.


D. The firm is already maximizing profits because revenue is being increased by more than costs.

2.The added revenue that a firm earns from selling an additional unit of output is
Answer


A. total revenue


B. marginal revenue

C. variable revenue

D. fixed revenue

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