9. Marginal revenue equals marginal cost in perfect competition when... a) A firm is in equilibrium and should produce more goods b) A firm is shutting down c) A firm is unable to have operating profit greater than total fixed costs d) None of the above 10. Variable costs... a) Depend on the level of production of the firm b) Depend on the fixed costs of the firm c) Depend on location quotient of the firm d) Depend on the average total costs of the firm when the firm is shut down 11.Marginal costs can be best defined as ... a) The decrease in total costs after increasing more than one unit of production.

9. Marginal revenue equals marginal cost in perfect competition when... a) A firm is in equilibrium and should produce more goods b) A firm is shutting down c) A firm is unable to have operating profit greater than total fixed costs d) None of the above 10. Variable costs... a) Depend on the level of production of the firm b) Depend on the fixed costs of the firm c) Depend on location quotient of the firm d) Depend on the average total costs of the firm when the firm is shut down 11.Marginal costs can be best defined as ... a) The decrease in total costs after increasing more than one unit of production.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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