3.Profit maximization occurs when

Select one:

a. The marginal cost is higher than the marginal revenue

b.The marginal cost is lower than the marginal revenue

c.The marginal cost is equal to the marginal revenue

d.The marginal cost equals the average cost

5. A rational person don't act unless

Select one:

a.none of these answers

b. The action produces marginal costs that exceed marginal benefits

c.the action makes money for the person

d. the action produces marginal costs that exceed marginal benefits.

e. the action is ethical

7. If your willingness to pay for a hamburger is 3.00 and the price is 2.00, your consumer surplus is 5.00

Select one:

a.True

b.False