A firm operating in a perfectly competitive industry will continue to operate in the short run but earn losses if the market price is less than that firm's average total cost but greater than the firm's average variable cost
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Which of the following is not an example of informal institutions?
A) Culture B) Laws C) Ethics D) Norms.
The marginal benefit from pollution abatement
A) increases as pollution abatement increases because people learn to want an even cleaner environment as the environment gets cleaner. B) decreases as pollution abatement increases because of the law of diminishing marginal product. C) is constant as pollution abatement increases because pollution abatement is valued for its own sake and not for the utility it provides. D) decreases as pollution abatement increases because of the law of diminishing marginal utility.
To derive the marginal physical product of capital,
a. all other resources must be held fixed b. capital must be held fixed c. all resources, including capital, must be held fixed d. all resources are variable e. output must be held fixed
In 2010, the wealthiest 1 percent of U.S. households held about ____ percent of U.S. household wealth
A. 35. B. 77. C. 23. D. 32.