Table 14-1 This Table Shows the Revenue and Costs of a Parrot

question 162

Multiple Choice

Table 14-1
This table shows the revenue and costs of a parrot farmer.
-Refer to Table 14-1.If the farmer determines that marginal cost is $14, a harvest of parrots should:

• A)increase production to maximise profit
• B)decrease production to maximise profit
• C)maintain its current level of production to maximise profit
• D)stop the farm and exit the industry

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Definitions:

Federal Trade Commission Act

A United States federal law established in 1914 to prevent unfair competition, deceptive acts, and to regulate antitrust.

Clayton Antitrust Act

A piece of legislation passed in the United States in 1914 aimed at preventing anti-competitive practices in their incipiency, specifically addressing issues of price discrimination, exclusive dealing agreements, and mergers and acquisitions that could potentially lead to monopolies.

Wheeler-Lea Act

An amendment to the Federal Trade Commission Act in the United States, focusing on protecting consumers from deceptive and unfair business practices.

Sherman Antitrust Act

A foundational United States antitrust law passed in 1890 that prohibits monopolistic business practices, aiming to promote fair competition for the benefit of consumers.