A firm sells 300,000 units per week. It charges $ 35 per unit, the average variable costs are $40, and the average costs are $55 . In the short run, the firm should
a. Shut-down as the firm is making a loss of $15 million per week
b. Shut-down as the firm cannot cover the variable costs
c. Shut down because the price is lower than average cost
d. None of the above
b
Economics
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On May 12, 2011, it cost U.S. $1.64 to buy one British pound. How many British pounds would U.S. $1 buy?
a. 0.56 b. 0.61 c. 1.64 d. 2.64
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In a market economy, supply and demand determine both the quantity of each good produced and the price at which it is sold
a. True b. False Indicate whether the statement is true or false
Economics