In the short run if TR < TC, a perfectly competitive firm will always shut down.
Answer the following statement true (T) or false (F)
False
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Refer to the scenario above. If they are the only bidders in the auction and each bidder bids up to his value for the good, the winner will earn a surplus of ________
A) $500 B) $625 C) $125 D) $150
How can a country with a fixed nominal exchange rate, such as Greece, experience a lower real exchange rate?
A) by experiencing higher inflation than its partners B) by experiencing deflation if its partners have low inflation rates C) by limiting the growth of productivity D) by increasing wages at a faster rate than inflation
Countries with different initial levels of per capita income may gravitate to a similar level of per capita income. Economists call this phenomenon ________
A) convergence B) simulation C) gravitation D) depreciation
The ceteris paribus assumption means
A) favors are returned in kind. B) this is the proof of the matter. C) from many, one. D) other things are equal.