Question

A profit-maximizing firm in the short run will expand output Multiple Choice until total revenue equals total cost. as long as marginal revenue is greater than marginal cost. until marginal cost begins to rise. as long as marginal revenue is less than marginal cost.

Answer 1

Price and short-term quantity that maximizes profit, as long as marginal revenue is less than marginal cost.

In economics, profit maximization is a short-term or long-term process that allows a company to determine the levels of prices, inputs, and outputs that make the most profit. Today, the mainstream approach to microeconomics, neoclassical economics, typically models businesses as profit maximization.

The marginal cost of production includes all costs that vary depending on the production level. For example, if a company needs to build an entirely new factory to produce more goods, the cost of building the factory is marginal revenue.

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