The effective use of coercion in a society ultimately depends upon

If a firm minimizes its losses by shutting down in the short run, then at all other output levels,

a. variable cost would exceed total revenue b. total revenue exceeds total cost c. marginal revenue exceeds marginal cost d. total cost is zero e. total revenue is zero

The lack of long-term economic development in LDCs is evidence that economic markets fail to function efficiently

Indicate whether the statement is true or false