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29. A firm shuts down if price is A) above minimum average variable cost. B) below minimum average variable cost. C) above minimum average fixed cost. D) less than marginal cost below average total cost.

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14 Dec 2017
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Related questions

A firm short-run supply curve is equal to the firm's _____.

a. marginal revenue curve

b. demand curve

c. marginal cost curve above minimum average total cost (ATC)

d. marginal cost curve below minimum average variable cost (AVC)

e. marginal cost curve above minimum average variable cost (AVC)

For the pizza seller, at the minimum point of Average Variable Cost:

A. Average variable cost is less than marginal cost

B. Average variable cost is more than marginal cost

C. Average variable cost is equal to marginal cost

D. None of the above

1. Competitive markets are characterized by

a. The interdependence of firms.

b. A small number of buyers and sellers.

c. Free entry and exit by firms.

d. Unique products.

 

2. A firm that shuts down temporarily has to pay

a. Both its variable costs and fixed costs.

b. Its variable costs but not its fixed costs.

c. Its fixed costs but not its variable costs.

d. Neither its variable costs nor its fixed costs.

 

3. A profit-maximizing firm will shut down in the short run when

a. Average revenue is greater than the average fixed cost.

b. Price is less than the average total cost.

c. Average revenue is greater than marginal cost.

d. Price is less than average variable cost.

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