The Profit Maximizing Condition for a Firm Selling Its Output

question 114

Multiple Choice

The profit maximizing condition for a firm selling its output in a competitive market and buying its resources in a competitive market is

• A)P = MC only.
• B)MRP = wage only.
• C)both A and B.
• D)neither A nor B.

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Definitions:

Formula Unit

The lowest whole number ratio of ions represented in an ionic compound.

Ionic Compound

A chemical substance wherein ions are connected via electrostatic forces, a phenomenon termed as ionic bonding.

Aluminum Foil

A thin sheet of aluminum metal that is used for cooking, packaging, insulating, and other applications due to its lightweight and non-corrosive properties.

Element

A substance that cannot be broken down into simpler substances by chemical means, consisting of atoms with the same number of protons.