Multiple Choice
Which of the following is true?
A) Profit per unit is price minus AVC.
B) Total economic profit is per unit profit times quantity.
C) If price is less than ATC, the firm will shut down in the short run.
D) If price is less than marginal cost, the perfectly competitive firm should raise the price and increase output.
Correct Answer:
Verified
Correct Answer:
Verified
Q162: The Case in Point on Competition in
Q163: Profit computed using only explicit costs is
Q164: Use the following to answer question(s): <br>Exhibit:
Q165: In perfect competition P > MR.
Q166: A curve that shows the quantity of
Q169: Which of the following is false?<br>A) Economists
Q171: If a perfectly competitive firm sells 30
Q172: Use the following to answer question(s): <br>Exhibit:
Q210: A perfectly competitive firm is a:<br>A)price taker.<br>B)price
Q334: Price takers are individuals in a market