If, for the Last Bushel of Apples Produced and Sold

question 48

Multiple Choice

If, for the last bushel of apples produced and sold by an apple farm, marginal revenue exceeds marginal cost, then in producing that bushel the farm

• A)added more to total cost than it added to total revenue.
• B)added an equal amount to both total revenue and total cost.
• C)added more to total revenue than it added to total cost.
• D)maximised its profits or minimised its losses.

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Definitions:

Emigration

The act of leaving one's own country to settle permanently in another, moving abroad.

Business Income

Revenue generated from the sale of goods or services related to the company's primary operations.

Immigration

Immigration is the action of coming to live permanently in a foreign country.

Total Output

The complete quantity of goods or services produced by an economy or firm within a specific period.