If a firm minimizes its losses by shutting down in the short run, then at all other output levels,
a. variable cost would exceed total revenue
b. total revenue exceeds total cost
c. marginal revenue exceeds marginal cost
d. total cost is zero
e. total revenue is zero
A
Economics
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A major difference between monopolistic competition and perfect competition is the degree of product differentiation. Pure competition has none and differentiation always exists in monopolistic competition
a. True b. False
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