Use the Following to Answer Question(s)

question 99

Multiple Choice

Use the following to answer question(s) :
Exhibit: Total Revenue, Total Cost, and Economic Profit

-(Exhibit: Total Revenue, Total Costs, and Economic Profit) At approximately 4,500 pounds of carrots:

• A) total economic profit is the greatest.
• B) total revenue is equal to total cost.
• C) marginal revenue is equal to marginal cost.
• D) marginal cost is at its maximum.

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Definitions:

Absolute Advantage

The ability of an entity to produce more of a good or service than competitors using the same amount of resources.

Opportunity Cost

The cost of foregone alternatives when a choice is made, represented by the benefits that could have been received by choosing the next best alternative.

Soybeans

Refers to a type of legume native to East Asia, widely grown for its edible bean which has numerous uses.

Comparative Advantage

The ability of a country or individual to produce a particular good or service at a lower opportunity cost than others.