If ________, a firm would operate in the short run and expand in the long run.
A. TC > TR
B. ATC > AVC
C. AVC > AFC
D. TR > TC
Answer: D
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If Luxury Cabinets, a kitchen cabinet manufacturer, builds a cabinet plant near Big Woods, a timber harvesting farm, to reduce the costs of transporting lumber, ________ potentially faces a hold-up problem as the firm invested in a ________.
A) Luxury Cabinets; transaction-specific asset B) Big Woods; transaction-specific asset C) Big Woods; negotiation asset D) Luxury Cabinets; negotiation asse
An industry has 1000 competitive firms, each producing 50 tons of output. At the current market price of $10, half of the firms have a short-run supply curve with a slope of 1; the other half each have a short-run supply curve with slope 2
The short-run elasticity of market supply is A) 1/50 B) 3/10 C) 1/5 D) 2/5 E) none of the above
Which of the following would be considered special interest group?
a. National Rifle Association b. Greenpeace c. the U.S. sugar industry d. all of the above
If a bond sells for $1,000 and pays $50 per year in interest, the interest rate on the bond is
A. 50 percent. B. 20 percent. C. 2 percent. D. 5 percent.