Kate is a professional opera singer who gives voice lessons. The vocal-music industry is competitive. Kate
hires a business consultant to analyze her financial records. The consultant recommends that Kate give
fewer voice lessons. The consultant must have concluded that Kate's
a) total revenues exceed her total accounting costs.
b) marginal revenue exceeds her total cost.
c) marginal revenue exceeds her marginal cost.
d) marginal cost exceeds her marginal revenue.
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