If a firm produces zero units of output,
a. total revenue equals zero
b. total cost equals zero
c. total cost will equal explicit costs
d. profit will equal zero
e. the firm will earn only a normal profit
A
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Using Figure 9.1, explain what a firm would do in the short run if the market price of its product dropped below P1
What will be an ideal response?
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A. only in the short run. B. only in the long run. C. in both the short and long run. D. in neither the short nor the long run.