A firm will shut down in the short run if at the profit-maximizing quantity, ___________
A. total revenue is less than total cost
B. marginal revenue is less than average fixed cost
C. average total cost exceeds the market price
D. marginal revenue is less than average variable cost
D The firm's shutdown point is when price equals the minimum average variable cost.
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Third-degree price discrimination is more common in service industries because ________.
A. all firms in these industries have significant monopoly power over price B. low price buyers will find it virtually impossible to resell the products of such industries to high price buyers C. the costs of providing such industries' products to different groups of buyers vary dramatically D. the price elasticity of demand is the same for all groups of buyers in these industries
Which of the following statements best describes the reason for the large migration of African-Americans from the south to the north during the 1920s?
a. This movement was just a continuation of the same trend that had been occurring in large scale since the end of the Civil War. b. African-Americans moved north to reunite families that had been divided during the many years of slavery. c. The African-Americans who had worked in the south had mostly been employed in the manufacturing sector, which suffered a downturn in the 1920s. d. Employers in the North who had traditionally hired European immigrants had to search elsewhere when immigration restrictions were imposed.
In a perfectly competitive labor market, the least-cost combination rule for resource use
A) requires that resources be used in combinations such that marginal products are equal. B) requires that the marginal physical product per dollar spent for each resource is equalized. C) assures the firm an economic profit. D) assures the firm a normal profit.
Refer to the information provided in Figure 8.4 below to answer the question(s) that follow. 
Figure 8.4 Refer to Figure 8.4. Micro Oven's average fixed costs of producing twelve units of output are
A. $41.67. B. $25.00 C. $16.67. D. indeterminate from this information.