The shutdown point in the short run occurs when:
A) Price equals average cost.
B) Price equals average variable cost.
C) Price equals average revenue.
D) Price equals average fixed cost.
Correct Answer:
Verified
Q1: Total revenue:
A) Equals the price per unit.
B)
Q2: In the short run a firm will
Q3: In the long run a firm will
Q4: Abnormal profit occurs when:
A) Firms do unexpectedly
Q5: If marginal revenue is positive:
A) Total costs
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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