Describe each of the following statements as true or false, and explain your answer.

a. To maximize the value of the firm, management should always produce the level of output that maximizes short run profit.

b. Average profit equals the slope of the line tangent to the total product function at each level of output. OMIT

c. Marginal profit equals zero at the profit maximizing level of output.

d. To maximize profit, total revenue must also be maximized.

e. Marginal cost equals average cost at the average cost minimizing level of output.