There may be a different criterion used for the long run, but for the short run, a firm should shut down production if price is less than
a. ATC
b. AR
c. MC
d. AVC
e. AFC
D
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Refer to the information above. What is the level of consumption when the level of income is 850?
A) 375 B) 425 C) 450 D) 475
Land, as a resource, is sometimes confused with what is ________.
Fill in the blank(s) with the appropriate word(s).
Suppose the own price elasticity of demand for good X is ?0.25, and the quantity of good X increases by 5 percent. What would you expect to happen to the total expenditures on good X?
A. Remain unchanged B. Decrease C. Increase D. Neither increase, decrease nor remain unchanged
An effective government imposed price ceiling will result
A. in prices for the product falling in the future. B. in a surplus on the market. C. in additional revenue for the government. D. in a shortage on the market.