Business, 06.11.2019 00:31 Okaytashy

Profit maximization occurs when:
(a) a firm expands output until marginal revenue is exceeded by marginal cost.
(b) a firm expands output until marginal revenue is equal to marginal cost.
(c) a firm sets the price at a point above average total cost.
(d) the price in the market is equal to the firm’s marginal revenue.
(e) total costs equal total revenue.

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Profit maximization occurs when:
(a) a firm expands output until marginal revenue is exceede...