how can producers maximize their profit? check all that apply.\nthey can work to increase their marginal…

how can producers maximize their profit? check all that apply.\nthey can work to increase their marginal cost.\nthey can work to decrease their marginal cost.\nthey can raise prices to increase marginal revenue.\nthey can lower prices to decrease marginal revenue.\nthey can keep marginal costs below marginal revenues.\nthey can keep marginal revenues below marginal costs.

how can producers maximize their profit? check all that apply.\nthey can work to increase their marginal cost.\nthey can work to decrease their marginal cost.\nthey can raise prices to increase marginal revenue.\nthey can lower prices to decrease marginal revenue.\nthey can keep marginal costs below marginal revenues.\nthey can keep marginal revenues below marginal costs.

Answer

Brief Explanations:

Profit is maximized when marginal revenue (MR) is greater than marginal cost (MC). Decreasing marginal cost directly helps increase profit. Keeping MC below MR ensures that each additional unit sold adds more to revenue than to cost. Raising prices may increase MR in some cases. Lowering prices usually decreases MR and is not a way to maximize profit. Increasing marginal cost reduces profit. Keeping MR below MC leads to losses.

Answer:

  • They can work to decrease their marginal cost.
  • They can raise prices to increase marginal revenue.
  • They can keep marginal costs below marginal revenues.