. When marginal revenue is greater than price the firm\'s profit is always posit

Question

. When marginal revenue is greater than price the firm's profit is always positive. A) True B) False 7. When an increase in the quantity results in a reduction in profit marginal cost is greater than marginal revenue. A) True B) False 8. When wage is greater than marginal revenue hiring an additional unit of labor will result in a reduction in profit or an increase in loss. A) True B) False 9. A profit-maximizing firm should keep on hiring labor as long as the marginal revenue product of labor is greater than wage. A) True B) False 10. Generally, to maximize profit is to minimize cost. A) True B) False

Explanation / Answer

6) false 7)true 8) false 9)true 10)false

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