Question : Equilibrium out is determined by:
Option 1: the equality between total variable cost and marginal revenue
Option 2: the equality between Marginal cost and Marginal revenue
Option 3: the equality between Average cost and Average revenue
Option 4: the equality between total cost and total revenue
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Correct Answer: the equality between Marginal cost and Marginal revenue
Solution : The correct option is the equality between total cost and total revenue .
A company maximises its profit in a competitive market by generating the amount of production where the difference between total revenue and the total cost is the greatest. At the equilibrium point, the company generates the amount of production where total revenue and total cost are equal.
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Question : Which of the following cost is related to marginal cost ?
Question : ____ is defined as the output per unit of variable input.
Question : If the ___ firm has zero or only a fixed cost, the quantity supplied in equilibrium is given by the point where the marginal revenue is zero.
Question : The short-run marginal cost curve is __ shaped.
Question : The cost of 4 pens, 6 notebooks, and 9 files is Rs. 305. The cost of 3 pens, 4 notebooks and 2 files is Rs. 145. What is the cost (in Rs.) of 5 pens, 8 notebooks, and 16 files?
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