Profit Is Maximized When Which of the Following Conditions Occurs

question 109

Multiple Choice

Profit is maximized when which of the following conditions occurs?

• A)Total revenue equals total cost.
• B)Average revenue equals average cost.
• C)Marginal revenue equals marginal cost.
• D)Both b.and c.above are correct.

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Definitions:

Socioeconomic Status

A measure of one's combined economic and social position in comparison to others, often based on income, education, and employment.

Life Span

The maximum duration of life of a species or individual, or a narrative account of major events and life stages from birth to death.

Pattern

A repeated decorative design or a regular and intelligible form or sequence discernible in the way in which something happens or is done.

Conception

The process of becoming pregnant involving the fertilization of an egg by a sperm.