If a firm's short-run total cost curve lies above its total revenue curve at all output levels, the goal of the firm should be to
a. minimize total cost
b. maximize total revenue
c. minimize its loss
d. minimize marginal cost
e. maximize marginal revenue
C
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In the short run, an increase in inflation by the Fed not matched by an increase in the expected inflation rate results in ________ in the long-run Phillips curve and ________ in the short-run Phillips curve
A) no change; a downward shift B) a rightward shift; an upward shift C) a rightward shift; a downward shift D) no change; no change E) a leftward shift; an upward shift
Which of the following changes aggregate supply and shifts the aggregate supply curve? i. change in the price level ii. change in potential GDP iii. change in the money wage rate
A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii
What do we mean by efficient production?
What will be an ideal response?
Suppose Bella had entered into a contract to rent Michelle's apartment for one year. The contract mentioned that if either of the two parties breached it, the other was to recover her loss. If Michelle breaches the contract, a payment which leaves Bella no worse off than if the contract was honored, is called opportunistic damage
Indicate whether the statement is true or false