If, at the output where marginal revenue equals marginal cost, price is between average total cost and average variable cost, a firm will continue to produce in the short run.
Answer the following statement true (T) or false (F)
True
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Answer the following statement(s) true (T) or false (F)
1. A negligence standard, with the allowance of contributory negligence, always leads to a socially optimal outcome. 2. Strict liability is the liability that exists when it can be proven beyond a reasonable doubt that the defendant was negligent. 3. Negligence is irrelevant when a strict liability standard is applied. 4. The principle of general average gives a ship's captain an incentive to consider the value of cargo when jettisoning it to prevent a disaster. 5. The doctrine of Respondent Superior contends that an employer is sheltered from torts committed against his employees.
According to economists, the fixed-price model of macroeconomic equilibrium depicts the modern economy most closely because it assumes that aggregate supply is independent of price
a. True b. False Indicate whether the statement is true or false
A worker received $5 for a daily wage in 1930, which has the equivalent value of $63.24 today. If the CPI was 17 in 1930 what is the value of the CPI today, rounded to the nearest whole number?
a. 215 b. 134 c. 17 d. 1.3
The market produces too much of a good with ______.
a. adverse selection b. negative externalities c. positive externalities d. asymmetric information