In the short run, which of the following is FALSE about the shutdown point?
A) Total revenue is equal to total fixed cost.
B) Total revenue is equal to total variable cost.
C) Product price is equal to the minimum average variable cost.
D) Price multiplied by quantity must be equal to minimum average variable cost multiplied by quantity.
A
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The output produced by the single-price, unregulated monopoly in the above figure is
A) efficient because profit is maximized. B) inefficient because less than the efficient quantity is produced. C) efficient because marginal costs equals marginal revenue. D) inefficient because more than the efficient quantity is produced.
The exchange rate states the price, in terms of one currency, at which another currency can be bought
a. True b. False Indicate whether the statement is true or false