In Order to Maximize Profits,firms Should Produce to the Point

question 52

True/False

In order to maximize profits,firms should produce to the point where marginal revenue is equal to marginal cost.

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Definitions:

Abuse of Discretion

A legal term indicating a failure to take into proper consideration, the facts and law relating to a particular matter; an arbitrary or unreasonable departure from precedent and settled judicial custom.

State Law

Laws that are enacted and enforced by the individual states in a country, differing from federal or national laws.

Interstate Commerce

The buying, selling, or moving of products, services, or money across state lines, regulated by federal law.

Undue Burden

A legal standard used to determine whether a law or its enforcement is excessively burdensome or restrictive on an individual or group.