If a firm's total revenue is less than its total variable cost, it should shut down.
Answer the following statement true (T) or false (F)
True
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Which of the following games will have a solution in mixed strategies?
a. A price-fixing game b. A Prisoner's dilemma c. A drafting game used by racing cars. d. A product choice game with asymmetric profits
A "sticky price" model has its primary characteristic (i.e., sticky prices) due to
a. barriers to entry b. a monopoly situation c. differentiated products d. too many competitors e. a gap in marginal revenue curve
When a Japanese automaker makes a profit on a plant located in the United States, this enters into the U.S. balance of payments in the category of
a. merchandise exports b. merchandise imports c. income receipts on foreign investments d. income payments on foreign investments e. unilateral transfers
Why would a business consider both short-term and long-term cost functions in planning?
What will be an ideal response?