A perfectly competitive firm definitely will shut down in the short run if its price is below its average total cost
Indicate whether the statement is true or false
FALSE
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Suppose that a hurricane destroys part of the tobacco crop in North Carolina
What willhappen to the price of tobacco? What will happen to the marginal product of tobacco field workers as a result of the hurricane? Can we tell what will happen to the demand for tobacco field workers? Explain.
At the long-run equilibrium level of output, the monopolist's marginal cost will
a. exceed price. b. equal price. c. be less than price. d. be less than marginal revenue.
The minimally adequate living standard for a U.S. family of four is known as the
A. United Nations Poverty Goal. B. U.S. poverty threshold. C. Global poverty standard. D. Millennium Poverty Goal.
When the rate of interest is 10 percent, the present value of $100 payable in two years is approximately
A. $80. B. $110. C. $100. D. $83.