If a Competitive Firm Is Currently Producing a Level of Output

question 430

Multiple Choice

If a competitive firm is currently producing a level of output at which profit is not maximized, then it must be true that

• A)marginal revenue exceeds marginal cost.
• B)marginal cost exceeds marginal revenue.
• C)total cost exceeds total revenue.
• D)None of the above is correct.

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Definitions:

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