In order to maximize profit in the short run; Company is to continue operating at that output level in the short term, since total revenue will cover all of the firm's variable costs and some of its fixed costs.
<h3>How to maximize profit?</h3>
Every firm in the market operates with the primary aim of making profit, which is different from the government that has a primary aim of creating welfare for the people. Thus, a profit-maximizing level of output is determined at the point where marginal revenue (MR) equals marginal cost (MC).
Finally, In order to maximize profit in the short run what the company should do is to continue operating at that output level in the short term, since total revenue will cover all of the firm's variable costs and some of its fixed costs.
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A bank that has not received payment on a loan from a borrower can try to get its money back by: hiring a collection agency to retrieve (seize) the money from the borrower.
A loan refers to an amount of money that is borrowed from a lender such as a financial institution (bank) and it is expected to be paid back at an agreed date with a predefined interest.
Generally, a financial institution (bank) lending out a sum of money to a borrower usually require that, the borrower provides a collateral which would be taken over in the event that the borrower defaults (fails) in the repayment of the loan.
Additionally, a collection agency can be hired by a bank to retrieve (seize) the money from the borrower when it hasn't received payment on a loan from a borrower.
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