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ScotlandEconomicsQuick questions
Economic Markets: Structures and Intervention
Quick questions on Costs, revenue and profit maximisation: the MC = MR rule - SQA Advanced Higher Economics
2short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
A firm is producing where is GBP 8 and is GBP 5. Should it expand or cut output to raise profit, and why? [2 marks]
What is q2?Show answer
Explain why marginal cost eventually rises in the short run. [2 marks]
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