When candidates are chosen in a primary election, they may have to position themselves to win the primary election, leaving them left or right of center in the general election
Indicate whether the statement is true or false
TRUE
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If a firm operates at a loss, the loss is equal to TC - TR. If the firm shuts down instead, its loss is equal to FC. Given this, show that price must exceed AVC for the firm to operate at a loss and not shut down
What will be an ideal response?
In which antitrust case did the Supreme Court begin to apply the per se rule to determine whether a firm was in violation of the Sherman Antitrust Act?
a. The Standard Oil case. b. The Alcoa case. c. The IBM case. d. The MIT case.
If a firm has a market price of $15 and an average variable cost of $17, then it will ______.
a. downsize b. expand c. stay open d. shut down
Sara left her last job, in which she was earning $60,000, in order to form her own consulting business. Her revenues for the first year of consulting were $210,000. During that year, she hired two assistants for $25,000 each and spent $25,000 on office equipment. In addition, she incurred $75,000 in miscellaneous expenses. Sara's accounting profit that first year was
A. $60,000. B. $50,000. C. $210,000. D. $0.