1. Profit is maximized whenever: Group of answer choices -Marginal Revenue equals to Marginal Cost -No answer text provided. -any one of the answers is correct. -Marginal Profit is zero -slope of total revenue equals to slope of total cost 2. Another way to state profit maximization is whenever Marginal Product reaches its maximum point or Marginal Cost reaches its minimum point. Group of answer choices -It could either be True or False depending on if the firm is operating in the short run or long run -False -True 3. Total fixed cost: -Group of answer choices -is represented by the vertical difference between TC and TVC curves -increases as output decreases -decreases as output increases -is graphically depicted as a vertical line -is represented by the vertical difference between ATC and AVC curves