The perfectly competitive firm's short-run shutdown rule is to shut down immediately if
a. TR < TC.
b. TR < SRFC.
c. TR < SRVC.
d. TR < MC > Q.
c
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Automobiles and many other products are differentiated. As a result,
A) we see countries specializing completely in the production of automobiles. B) consumers of automobiles have difficulty deciding what type of imported automobile to buy. C) different countries may each have a comparative advantage in producing different types of automobiles. D) the quality of imported automobiles is less than it could be.
The clearing corporation associated with the Chicago Board of Trade consists of
A) government regulatory bodies. B) major commercial banks. C) members of the exchange. D) major corporations.
Suppose that you have $100 today and expect to receive $100 one year from today. Your money market account pays an annual interest rate of 25%, and you may borrow money at that interest rate. Consider the budget constraint between "spending today" on the horizontal axis and "spending a year from today" on the vertical axis. What is the slope of this budget constraint?
a. -0.75 b. -1.00 c. -1.25 d. -2.25
Use the following graph of total revenues to answer the question below.
Demand is elastic between points
A. A and B. B. F and G. C. D and E. D. G and H.