Shut-down point is a point where price is equal to
A) ac
B) avc
C) afc
D) mc
Correct Answer:
Verified
Q15: Total profit is maximum when
A)total revenue is
Q16: Total profits are maximized where
A)tr equals tc
B)tr
Q17: The equality between MC and MR is
A)a
Q18: The condition of equilibrium of the industry
Q19: In the short-run, a competitive firm can
Q20: If price is equal to average cost,
Q21: If price is greater than average cost,
Q22: If price is less than average cost,
Q23: Break-even point is a point where price
Q25: In the long run, a competitive firm
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