In order to maximize profits, a firm should produce at the output level for which

Related MCQs

• Profits:
• Profits:
• Profits arise because an entrepreneur:
• If MRP > Price of the factor: firm should hire
• If MRP = Price of the factor: firm should _______ at the unit of factor
• If MRP < P of the factor, firm should hire
• The opportunity cost of a machine which can produce only one product is:
• Suppose a country's workers can produce 4 watches per hour or 12 rings per hour. If there is no trade,
• When a firm’s average revenue is equal to its average cost, it gets ________.
• The firm is in equilibrium in the factor market when it employs units of labour upto the point where