A Firm Has Maximized Its Profits When Its Marginal Revenue

question 85

True/False

A firm has maximized its profits when its marginal revenue equals its marginal cost.

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Definitions:

New World

A term historically used to describe the Western Hemisphere, especially the Americas, following their discovery by European explorers.

Conqueror

A person who overcomes, subdues, or acquires control over a place or people through the use of force.

Settle

To establish a residence or community in a new place.

Black Legend

A historiographical term that refers to a style of tendentious, subjective historical writing or propaganda that demonizes the Spanish Empire, its people, and its culture, minimizing positive achievements and magnifying negative aspects of Spanish colonial rules, particularly in the Americas.