6. The market system produces products whose production and sale yield total revenue sufficient to cover total
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6. The market system produces products whose production and sale yield total revenue sufficient to cover total cost. It does not produce products for which total revenue continuously falls short of total cost. Competition forces firms to use the lowest-cost production techniques.
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Related Book For
Essentials Of Economics
ISBN: 9780073511313
2nd Edition
Authors: Stanley L. Brue, Campbell R. McConnell, Sean M. Flynn
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