Choose the correct answer
a. profit of a firm is the revenue earned:
1. zero of cost
2. net of cost
3. gross of cost
4. none of these
b. TMC curve cuts LAC curve :
1. at minimum point
2. at maximum point
3. below the LAC curve
4. none of these
c. under perfect competition, firm is :
1. price taker
2. price maker
3. both 1 and 2
4. none of the above
d. MR can be negative but AR is:
1. negative
2. positive
3. either positive or negative
4. none of the above
