If a firm's marginal revenue is below its marginal cost, an increase in production will usually: a. increase profits b. leave profits unchanged c. decrease profits d. increase marginal revenue

For any long-run chosen output level, the firm will want to: Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a b C Question 15 d produce up until diminishing returns begin. make sure it is experiencing economies of scale. choose the firm size that will result in the lowest average cost. use the least amount of capital possible which can still produce that level of output.

Which of the following represents a long-run decision for the firm? a. rehiring workers who were previously laid off. b. determining what price to charge for a given level of output. c. deciding how much output to supply to the market at the current market price. d. building another wing on the plant in order to add a new assembly line. answer. (d. building another wing on the plant in order to add a new assembly line.) Please help me explain this questions. Thanks in advance

A firms total profit equals?

I. A company produces at an output level where marginal cost is equal to marginal revenue and has the following revenue and cost levels: Total revenue = $1,450 Total cost = $1,500 Total variable cost = $1,300 What would you suggest? a. Shut down. b. Continue to produce because the loss is less than the total fixed cost. c. Increase production to lower the marginal cost. e. Raise the price. II. At current long-run production levels, the marginal revenue of a competitive firm is $15 and the marginal cost of the firm is $15. If the market is perfectly competitive, the firm should a. cut back on production. b. stop production all together. c. produce more. d. continue producing at current levels.

When you calculate marginal costs, they should include: SELECT THE CORRECT ANSWER  A.the market price of the product. B.only variable costs. C.both the variable and fixed costs. D.only fixed costs.

The difference between economic profit and accounting profit is?   Average cost Direct costs Economic costs Variable costs Marginal costs