To maximise growth without making a loss a firm should produce the highest output where ?

A. Average revenue equals marginal cost
B. Average revenue equals average cost
C. Marginal revenue equals marginal cost
D. Average cost equals marginal cost

When marginal revenue equals marginal cost ?

A. Total revenue equals total cost
B. There is the biggest positive difference between total revenue and total cost
C. There is the biggest negative difference between total revenue and total cost
D. Profits are zero

To be Productively efficient a firm must produce where ?

A. Marginal costs are maximized
B. Marginal costs are minimized
C. Average costs are minimized
D. Average costs are maximized

If the marginal revenue is Positive ?

A. Selling another unit will increase total revenue
B. Selling another unit will increase profits
C. Selling another unit will increase costs
D. Selling another unit will increase average revenue

An independent assessment of the impact of firm’s activities on society is called a ?

A. Financial audit
B. Balance sheet
C. Profit and loss account
D. Social audit

Price equals ?

A. Total revenue – quantity
B. Total revenue / quantity sold
C. Total quantity sold quantity sold
D. Total revenue / total cost

Which best describes price discrimination ?

A. Charging different prices for different products
B. Charging the same prices for different products
C. Charging the same prices for same products
D. Charging different prices for the same products

If the price elasticity of demand for a product in market A is -0.2 and in market B is -3 a price discriminator will charge ?

A. The higher price in market a
B. The higher price in market b
C. The same price in both markets
D. Cannot tell which price will be higher

A benefit to consumers of price discrimination is that ?

A. Some products are produced that would not otherwise be produced
B. Producer surplus increases
C. Consumer surplus decreases
D. Firm’s profits increase

In Price discrimination abnormal profits are made if ?

A. Average revenue is greater than average variable cost
B. Average revenue is greater than average cost
C. Average revenue is greater than marginal revenue
D. Average revenue is greater than average fixed cost