The level of profit that occurs when total revenue is greater than total cost Economic loss An economic profit that is less than zero The best way to study. Sign up forfree. By signing up, you accept Quizlet'sTerms of ServiceandPrivacy Policy ...
in the long run, a pure monopolists will maximize profits by producing that output at which marginal costs is equal to MARGINAL REVENUE (Diagram) If the firm produces output Q2 at an average cost of ATC3, then the firm is producing that output with the most efficient combination of inputs...