In Order to Maximize Profit,a Firm That Produces Its Output

question 70

Multiple Choice

In order to maximize profit,a firm that produces its output in two plants will allocate total output between the two plants so that

• A)marginal cost is equal for the two plants.
• B)marginal revenue is equal for the two plants.
• C)marginal cost for the firm is equal to the sum of the plants' marginal revenue.
• D)both a and b
• E)all of the above

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Definitions:

College Graduate

An individual who has successfully completed a degree program at a college or university.

High School Graduate

An individual who has successfully completed the course of study at a high school, receiving a diploma or certification.

Minimum Wage Rate

The lowest legal wage that can be paid to most workers, set by law to protect workers from exploitation.

Teenagers

Young individuals typically aged between 13 and 19 years, often considered a distinct demographic group in sociological and economic studies.