Question 1 of 20A firm produces at that output at which marginal
cost = marginal revenue:A. all of the time. B. most of the time.
C. some of the time. D. on rare occasions. Question 2 of 20Which
statement is true?A. The marginal cost curve is used to
determine if a firm is operating at peak efficiency. B. A firm
will always try to maximize its total revenue. C. A firm's long-
run supply curve is identical to its entire marginal cost curve.
D. A firm is operating most efficiently when it is at its break-
even point. Question 3 of 20Which statement is true?A. Price is
calculated by dividing output by total revenue. B. The lowest
point on the short-run supply curve is at the break-even point.
C. When price exceeds marginal cost, a profit-maximizing firm
will decrease production. D. The marginal cost curve intersects
the average total cost curve at the break-even point Question 4
of 20To find the output at which the firm maximizes its profits
you must know the firm's:A. ATC. B. AVC. C. AFC. D. MC. Question
5 of 20T