If Marginal Revenue and Marginal Cost Are Not Equal, Profit

question 158

Multiple Choice

If marginal revenue and marginal cost are not equal, profit can be maximized by

• A)increasing output if MR > MC.
• B)decreasing output if MC > MR.
• C)moving to the output where the slopes of TR and TC are equal.
• D)All of the above are correct.

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Definitions:

Duty Of Care

a legal obligation requiring individuals to adhere to a standard of reasonable care while performing acts that could foreseeably harm others.

Trespassers

Trespassers are individuals who enter or occupy property without the permission or legal right to do so.

Property Owners

Individuals or entities that hold legal title to a piece of real estate, giving them certain rights, such as the right to occupy, use, modify, and sell the property.

Premises Liability

The legal responsibility of property owners for accidents and injuries that occur on their property due to their negligence.