In the long run a firm will only produce provided the price at least:
A) Covers the marginal revenue.
B) Covers the average cost.
C) Covers the average fixed cost.
D) Covers the average variable cost.
Correct Answer:
Verified
Q1: Total revenue:
A) Equals the price per unit.
B)
Q2: In the short run a firm will
Q4: Abnormal profit occurs when:
A) Firms do unexpectedly
Q5: If marginal revenue is positive:
A) Total costs
Q6: The shutdown point in the short run
Q7: The break-even output occurs where:
A) Price equals
Q8: If revenue equals costs, abnormal profit is
Q9: If the price of a product is
Q10: If revenue is greater than variable cost,
Q11: Normal profit occurs when price equals:
A) Average
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