A firm will shut down in the short run if
a. TR ? TC > TFC.
b. TR + TC > TFC.
c. TC ? TR > TFC.
d. TFC + TVC > TR.
c
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In a market system, what must take place for quantity demanded to continually be equated with quantity supplied?
A) Price controls must be applied by governments. B) Relative prices must be able to adjust to market clearing levels. C) Tastes and preferences of consumers must adjust to eliminate surpluses or shortages. D) Businesses must engage in involuntary, unprofitable exchanges to eliminate surpluses or shortages.
Existing computer software
a. is a public good b. is excludable but nonrivalrous c. is rivalrous by not excludable d. should be provided free of charge e. has been produced efficiently
Suppose that good X has few close substitutes and that good Y has many close substitutes. Which good would you expect to have more price inelastic demand?
The Trial Balance:
a. Lists all the company's accounts and ending balances b. Is printed before and after making adjustments c. Verifies the accounting system balances d. All of these