For a perfectly competitive firm, any price below its minimum AVC is a
A) market price.
B) shutdown price.
C) profit maximizing price.
D) negative price.
Answer: B
Economics
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If the government were to increase taxes, it would be enacting:
A. contractionary fiscal policy. B. expansionary fiscal policy. C. contractionary monetary policy D. expansionary budgetary policy.
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The input that is generally hard to measure directly and consequently can be reasonably estimated with the growth accounting equation is:
A. land. B. labor. C. physical capital. D. technology.
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Leaders that use group ideas to make decisions
a. autocratic b. laissez-faire c. democratic d. trait
Economics
Define the "consumption function."
What will be an ideal response?
Economics