If a profit-maximizing firm shuts down in the short run, it must be true that before the shutdown, at all positive output levels,
a. average total cost was less than average variable cost
b. fixed cost was greater than total revenue
c. variable cost was greater than total revenue
d. profit was zero
e. total cost plus total revenue was less than profit
C
Economics
You might also like to view...
The Herfindahl-Hirschman index is measured by
A) adding the market shares of all firms in an industry. B) adding the squares of the market shares of all firms in an industry. C) squaring the sum of the market shares of the all firms in an industry. D) adding the market shares of the four largest firms in an industry.
Economics
What is a centrally planned economy?
What will be an ideal response?
Economics