If a perfectly competitive firm shuts down in the short run and exits the industry in the long run, the firm's short run condition is
A. TR > TC.
B. TR > TVC and TR < TC.
C. TR < TVC.
D. TR < TFC.
Answer: C
Economics
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When a bargaining solution is reached
A) each player receives a net surplus greater than or equal to zero. B) we have a Nash equilibrium. C) the sum of the net surpluses is the Nash product. D) Both A and C.
Economics
If the wage rate is $5 per hour, regardless of how many laborers are employed, the wage rate equals the
a. MLC b. MPP c. MR d. MRP e. TLC
Economics