If a Firm Is Maximizing Profits, the Extra Revenue It

question 449

True/False

If a firm is maximizing profits, the extra revenue it receives from selling its last unit of output exceeds the extra cost of producing that unit.

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Definitions:

U.S. Union

Labor organizations in the United States that represent the collective interests of workers in various industries and advocate for their rights.

Private and Public Sectors

The division of the economy into two parts; the private sector involves businesses owned by individuals or companies, and the public sector involves organizations owned and operated by the government.

Union Density

The ratio of unionized workers to the total number of workers, indicating the prevalence of union membership within a particular labor market.

United States

A country in North America, consisting of 50 states, a federal district, and several territories, known for its diverse culture and significant impact on global affairs.