If a Potato Farmer Expands Output, He Finds That the Increase

question 61

Multiple Choice

If a potato farmer expands output, he finds that the increase in total revenue is less than the increase in total costs. This means that:

• A) profit is being maximized.
• B) he should not have expanded output.
• C) he should produce even more output.
• D) the firm is wasting resources.

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Definitions:

Political Science

The study of politics, government systems, and political behavior, encompassing both understanding of political theories and the practical workings of political institutions.

Pineal Gland

A small endocrine gland in the brain that produces melatonin, a hormone that affects the modulation of wake/sleep patterns and seasonal functions.

Melatonin

A hormone that aids regulation of circadian rhythms; bright light reduces production and darkness increases production.

Melatonin

A hormone produced by the pineal gland that regulates sleep and wakefulness, often associated with the body's circadian rhythms.