Multiple Choice
Which statement is TRUE?
A) If price falls below average variable cost,the firm will shut down in the short run.
B) Total revenue and marginal revenue are the same in perfect competition.
C) Economic profit per unit is found by subtracting MC from price.
D) Economic profit is always positive in the long run.
Correct Answer:
Verified
Correct Answer:
Verified
Q82: The short-run industry supply curve is the
Q83: When perfect competition prevails,which characteristic of firms
Q84: Use the following to answer question: <img
Q85: Use the following to answer question: <img
Q86: Which statement is NOT an assumption that
Q88: In the long run,when economic profit is
Q89: Use the following to answer question: <img
Q90: Maximizing profits also means that a firm
Q91: A firm's total output times the price
Q92: A perfectly competitive firm will incur an