One method that firms in many nations use to exit the market is the use of:
a. antitrust laws.
b. the uniform commercial code.
c. bankruptcy laws.
d. statutory laws.
e. the federal code.
c
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When the marginal-cost curve lies above the average-total-cost curve, the average-total-cost curve slopes up and the average-variable-cost curve slopes down
a. True b. False Indicate whether the statement is true or false
A firm's total revenue
a. is the profit it earns by producing and selling a particular quantity of output b. varies as output varies along the demand curve the firm faces c. is constant at all points along a fixed demand curve d. is determined by subtracting total profit from total cost e. always decreases as its output increases, because costs rise
Farm programs that guarantee a price higher than equilibrium
a. cause shortages b. decrease government spending c. decrease taxes d. raise farm property values e. increase suburban development
At any given quantity, the cost of the marginal seller is the height of the __________
Fill in the blank(s) with correct word