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Question
Table 13-4| Quantity Sold | Price | Total Revenue | Marginal Revenue | Total Cost | Marginal Cost | Profit |
| 0 | $10 | $0 | ----- | $2 | ----- | -$2 |
| 1 | 9 | 9 | 8 | |||
| 2 | 8 | 16 | 13 | |||
| 3 | 7 | 21 | 17 | |||
| 4 | 6 | 24 | 20 | |||
| 5 | 5 | 25 | 22 | |||
| 6 | 4 | 24 | 26 |
Refer to Table 13-4. Victoria's profit-maximizing output is where
A) total profit equals $3.
B) marginal revenue and marginal cost both equal $4.
C) marginal revenue and marginal cost both equal $3.
D) marginal cost is at its minimum value.
Answer
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Which of the following would be categorized as an opportunity cost?
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A) a only
B) a and c only
C) b and c only
D) all of the above