Profits are maximized at a production level where:

a) marginal revenue and marginal cost are equal

b) marginal revenue is greater than marginal cost

C) average revenue is greater than average cost

d) total revenue is greater than total cost

Which of the following is an example of a "short-run" adjustment?

a) Three new high-tech start-ups are established in the Waterloo Region

b) The ACE BAKERY in Guelph hires two more employees

c) GM builds a new assembly plant in Oshawa

d) The number of farms in Canada drops 5%