In order to maximize profit a producer will always produce at a point where the Marginal Benefit is greater than the Marginal Cost (MB>MC). a. Yes b.No The Opportunity Cost (OC) of production shall be also be included in optimal production decision even if these are not 'out of pocketť’ costs of production. a. Yes b. No When OC are included in production decisions it is always the case that optimal level of production will be lower compared with a situation where OC are not included. а. Yes b. No

In order to maximize profit a producer will always produce at a point where the Marginal Benefit is greater than the Marginal Cost (MB>MC). a. Yes b.No The Opportunity Cost (OC) of production shall be also be included in optimal production decision even if these are not 'out of pocketť’ costs of production. a. Yes b. No When OC are included in production decisions it is always the case that optimal level of production will be lower compared with a situation where OC are not included. а. Yes b. No

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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