If a struggling perfectly competitive furniture store in Detroit shuts down, it incurs an economic loss equal to its
A) marginal cost.
B) total fixed cost.
C) total variable cost.
D) average variable cost.
E) average total cost.
B
Economics
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The key decision maker for U.S. monetary policy is:
A. Congress. B. The president. C. The president's cabinet. D. The Board of Governors.
Economics
The most surprising outcome of the Solow growth model is that
A) the population growth rate has no effect on the standard of living. B) the capital-labor ratio has no effect on the output-labor ratio. C) a higher rate of national saving does not lead to a permanently higher rate of output growth. D) a higher rate of depreciation lowers the capital-labor ratio, but not the output-labor ratio.
Economics