
Profit Maximization in Microeconomics

Interactive Video
•
Business
•
10th - 12th Grade
•
Hard

Liam Anderson
FREE Resource
Read more
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary goal of a firm in terms of profit?
To increase market share
To break even
To maximize profit
To minimize costs
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does marginal revenue represent?
The total revenue from all units sold
The additional revenue from selling one more unit
The average revenue per unit
The cost of producing one more unit
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the profit maximization rule, when should a firm stop producing additional units?
When average cost is minimized
When total revenue is maximized
When marginal revenue equals marginal cost
When marginal cost is less than marginal revenue
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the significance of the profit maximization rule in microeconomics?
It ensures firms break even
It increases a firm's market share
It guides firms in maximizing profit
It helps firms minimize costs
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important for marginal revenue to be greater than marginal cost?
To reduce the firm's liabilities
To increase the firm's market share
To minimize production costs
To ensure the firm is making a profit on each unit
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should a firm do if marginal revenue never equals marginal cost?
Stop production immediately
Produce the last unit where marginal revenue is greater than marginal cost
Continue producing indefinitely
Reduce prices to increase sales
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the given example, what is the marginal revenue for each unit sold?
$12
$10
$15
$8
Create a free account and access millions of resources
Similar Resources on Wayground
11 questions
Economic Principles in Agriculture

Interactive video
•
10th - 12th Grade
6 questions
Micro Unit 3, Question 9- Maximizing Profit (MR=MC)

Interactive video
•
11th Grade - University
6 questions
Perfect Competition in the Short Run- Microeconomics Topic 3.7 (1 of 2)

Interactive video
•
11th Grade - University
11 questions
Profit and its Maximization in Economics

Interactive video
•
11th Grade - University
11 questions
Economic Profit and Revenue Concepts

Interactive video
•
10th - 12th Grade
11 questions
Monopoly vs Perfect Competition Concepts

Interactive video
•
10th Grade - University
11 questions
Understanding Profit Maximization in Competitive Markets

Interactive video
•
10th - 12th Grade
Popular Resources on Wayground
18 questions
Writing Launch Day 1

Lesson
•
3rd Grade
11 questions
Hallway & Bathroom Expectations

Quiz
•
6th - 8th Grade
11 questions
Standard Response Protocol

Quiz
•
6th - 8th Grade
40 questions
Algebra Review Topics

Quiz
•
9th - 12th Grade
4 questions
Exit Ticket 7/29

Quiz
•
8th Grade
10 questions
Lab Safety Procedures and Guidelines

Interactive video
•
6th - 10th Grade
19 questions
Handbook Overview

Lesson
•
9th - 12th Grade
20 questions
Subject-Verb Agreement

Quiz
•
9th Grade
Discover more resources for Business
40 questions
Algebra Review Topics

Quiz
•
9th - 12th Grade
10 questions
Lab Safety Procedures and Guidelines

Interactive video
•
6th - 10th Grade
19 questions
Handbook Overview

Lesson
•
9th - 12th Grade
40 questions
LSHS Student Handbook Review: Pages 7-9

Quiz
•
11th Grade
10 questions
Characteristics of Life

Quiz
•
9th - 10th Grade
10 questions
Essential Lab Safety Practices

Interactive video
•
6th - 10th Grade
20 questions
Scalars, Vectors & Graphs

Quiz
•
11th Grade
62 questions
Spanish Speaking Countries, Capitals, and Locations

Quiz
•
9th - 12th Grade