A monopolistically competitive firm that is incurring a loss will shut down if
A. price is less than average total cost.
B. marginal revenue is less than marginal cost.
C. price is less than marginal cost.
D. revenues are less than variable costs.
Answer: D
Economics
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An American farmer buys an irrigation system from a Norwegian irrigation company based in Oslo. To Americans, the irrigation system is a(n)
A) import. B) export. C) quota. D) tariff.
Economics
A change in technology that increases the marginal physical product of an input will: a. shift the input demand curve to the left
b. shift the input demand curve to the right. c. result in a movement down along the input demand curve. d. result in a movement up along the input demand curve.
Economics