1. A firm will shut down in the short run when (check all that apply) a. price is less than average fixed cost b. losses (negative of profits) are greater than fixed costs c. total revenue is less than variable cost d. total revenue is less than total cost e. price is less than average variable cost f. total revenue is less than fixed cost
1. A firm will shut down in the short run when (check all that apply) a. price is less than average fixed cost b. losses (negative of profits) are greater than fixed costs c. total revenue is less than variable cost d. total revenue is less than total cost e. price is less than average variable cost f. total revenue is less than fixed cost
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter14: Firms In Competitive Markets
Section: Chapter Questions
Problem 4PA
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1. A firm will shut down in the short run when (check all that apply)
a.
b. losses (negative of profits) are greater than fixed costs
c. total revenue is less than variable cost
d. total revenue is less than total cost
e. price is less than
f. total revenue is less than fixed cost
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