A firm may find it optimal to stay in business in the short run even if total revenue does not cover total cost
a. True
b. False
A
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Profits
A) are a cost of doing business because they are payments to others. B) are not a cost of doing business because they are owed to resource owners. C) are not a cost of doing business because they are often zero or negative. D) are a cost of doing business because entrepreneurs would not incur the risk of starting a business if they didn't expect to earn profits.
If a country has a comparative advantage in oil, then this means that the opportunity cost of producing oil is:
a. high. b. low. c. zero. d. infinite. e. equal to all other goods.
Price discrimination always benefits
a. the owners of the price-discriminating firm b. the government c. society as a whole d. consumers e. competitors
Which of the following statements is true of stepwise regression?
A. In a stepwise regression, the dependent variable is regressed on each independent variable individually with an attempt to understand the effect of each independent variable on the dependent variable. B. In a stepwise regression, the dependent variable is regressed on different combinations of the independent variable with an attempt to come up with the best model. C. In a stepwise regression, the dependent variable can take up binary values only while the explanatory variables can take up quantitative values. D. In a stepwise regression, the dependent variable can take up quantitative values while the explanatory variables can take up only binary values.