A firm would decide to shut down if its production resulted in
A) MR < ATC.
B) ATC > AVC.
C) AFC > AVC.
D) MR < AVC.
Answer: D
Economics
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Suppose all individuals in a group have homothetic tastes. Then we can be sure that the group can be treated as a single representative consumer is if the group members also have identical tastes.
Answer the following statement true (T) or false (F)
Economics
Which of the following would be the best measure of the cost of living?
A) consumer price index B) GDP deflator C) real GDP per person D) real GDP
Economics