The Most General Profit Maximization Rule Is to Choose Quantity

question 30

Multiple Choice

The most general profit maximization rule is to choose quantity such that the quantity of an input employed makes:

• A)w = VMP.
• B)MFC = MRP.
• C)MFC = VMP.
• D)w = MRP.

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Definitions:

Journal

A financial record where all transactions are initially recorded in chronological order before being posted to individual accounts.

Chronologically

In order of time, from the earliest to the latest.

Unearned Revenues

Money received by a company for services or goods yet to be provided or delivered, recorded as a liability.

Revenues

Inflows of assets or settlements of liabilities from the company's primary operations, typically from sales of goods or services.