In the standard model of pure competition, a profit - maximizing entrepreneur will shut down in the short run if: Question 10Answer a. If marginal cost is greater than average revenue. b. Total revenue is less than total variable costs. c. Average cost is greater than average revenue. d. Average fixed cost is greater than average revenue.
In the standard model of pure competition, a profit - maximizing entrepreneur will shut down in the short run if: Question 10Answer a. If marginal cost is greater than average revenue. b. Total revenue is less than total variable costs. c. Average cost is greater than average revenue. d. Average fixed cost is greater than average revenue.
Chapter1: Making Economics Decisions
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If marginal cost is greater than average revenue. b. Total revenue is less than total variable costs. c. Average cost is greater than
average revenue. d. Average fixed cost is greater than average revenue."
Transcribed Image Text:In the standard model of pure competition, a profit - maximizing entrepreneur will shut down in the short run if: Question 10Answer a.
If marginal cost is greater than average revenue. b. Total revenue is less than total variable costs. c. Average cost is greater than
average revenue. d. Average fixed cost is greater than average revenue.
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