The condition for profit maximisation in the neoclassical model of the firm is: a. Marginal revenue is equal to marginal cost. b. Marginal revenue is equal to average cost. c. The average cost is minimised. d. The marginal cost is equal to the price.

The condition for profit maximisation in the neoclassical model of the firm is: a. Marginal revenue is equal to marginal cost. b. Marginal revenue is equal to average cost. c. The average cost is minimised. d. The marginal cost is equal to the price.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section: Chapter Questions

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Question

The condition for profit maximisation in the
neoclassical model of the firm is: a. Marginal
revenue is equal to marginal cost. b. Marginal
revenue is equal to average cost. c. The average
cost is minimised. d. The marginal cost is equal to
the price.

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