Which of the following statements is false? 9) a. A profit maximizing firm still sets output such that marginal revenue equals marginal cost. b. In the long run, a firm maximizes profits when marginal revenue = marginal cost. c. In the long run, a firm's supply curve is represented by the marginal cost curve above the long-run average variable cost curve.
Which of the following statements is false?
9)
a. A profit maximizing firm still sets output such that marginal revenue equals marginal cost.
b. In the long run, a firm maximizes profits when marginal revenue = marginal cost.
c. In the long run, a firm's supply curve is represented by the marginal cost curve above the long-run
10. Assume the market for wheat is
upward while the supply remains the same then:
a. we can be certain the
b. we can be certain both the equilibrium price and quantity will increase.
c. we can be certain the
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