In the short run, which are most important in determining changes in output?
A. Marginal cost and marginal revenue
B. Total costs and revenue
C. Average cost and average revenue
D. Fixed costs
Answer: A
Economics
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Which of the following is TRUE for the perfectly competitive firm?
A) Price and MR are always equal. B) AR is less than price. C) AR is more than price. D) Price elasticity of demand is equal to 1.
Economics
As price rises, quantity supplied
A. rises. B. falls. C. remains the same.
Economics