A firm that has as its objective the maximization of revenuesrather than profits would produce an output level for which: Selectone:

a. marginal revenue is equal to zero

b. total revenue is equal to total cost

c. marginal revenue is equal to average cost

d. marginal revenue is equal to price

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In the short run, a firm should continue to operate, even if itis incurring losses, provided:

Select one:

a.the firm can cover its variable costs

b.the firm can cover its fixed costs

c.none of the above

d.the firm can cover the sum of its variable and fixedcosts

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The short-run supply curve for a price-taking firm is givenby:

Select one:

a.its short-run marginal cost curve above average fixedcost

b.its entire short-run marginal cost curve

c.its short-run marginal cost curve above minimum averagetotal cost

d.its short-run marginal cost curve above minimum averagevariable cost

e.the positively sloped portion of its average costcurve

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The short-run market supply curve is derived from:

Select one:

a.the horizontal summation of each firm'sindividual supply curve

b.the horizontal summation of each firm's marginalcost curve above the shutdown
price

c.profit-maximizing output decisions by firms

d.both a and c

e.all of the above