The goal of the business firm is maximization of ____, and the goal of the consumer is maximization of ____.

Marginal revenue is the addition to a firm's revenue from

Total profit equals

To find its profit-maximizing output level, a firm should operate where

Total profit is maximized

If MC > MR,

A grocery store sells soup for $1.50 a can, or $2.50 for two cans. To a customer, the marginal cost of buying the second can of soup is

The demand curve facing a firm is also the firm's

The demand curve for a firm's product is also the curve showing

Once the profit-maximizing output where MR = MC is determined, price is set by

If at optimum output of 1,000 units, the firm is incurring average variable cost per unit of $3, average fixed cost per unit of $1.50, and selling its output at $7 per unit, total profit is

When a firm's fixed cost rises, its total profit curve shifts

The difference between economic profit and accountant's definition of profit is that an economist's total cost counts the ____ of inputs.

Marginal profit is the profit

In 1984, British Prime Minister Margaret Thatcher decided to shut down so-called "uneconomic" coal mines owned by the government. The National Union of Mineworkers protested, asserting that there was enough coal in the mines to continue current levels of production for years. Thatcher implicitly argued that her decision was economically sound because, at any practical level of output, for each "uneconomic" (or unprofitable) mine,