If the market price in a perfectly competitive market is less than a firm's minimum average variable cost, then the firm's total revenue will always ________
A) exceed its total fixed cost
B) be less than its total economic loss
C) equal its total cost
D) be less than its total variable cost
D
Economics
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Figure 17-9
Refer to . The amount of revenue collected by the government from the tariff is
a.
$200.
b.
$400.
c.
$500.
d.
$600.
Economics
In a market system, which of the following will eliminate high-cost producers, and allow only the low-cost producers to survive?
A. Competition B. Money C. A sovereign government D. Specialization
Economics