If a firm is maximizing its profit and producing less than the output at which its average total cost is minimized, then that firm
A) must be suffering an economic loss.
B) must be earning an economic profit.
C) has excess capacity.
D) is producing at its capacity output.
E) must be earning a normal profit.
C
Economics
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A count variable refers to a dependent variable that can take on:
A. nonnegative integer values. B. nonnegative fractional values. C. negative fractional values. D. negative integer values.
Economics
Assume the minimum wage exceeds the market-clearing wage. If there is an increase in the supply of labor then the number of workers who are unemployed will ________, and the number of workers who are employed will ________.
A. increase; not change B. increase; increase C. decrease; increase D. increase; decrease
Economics