question archive The short-run shutdown rule for a competitive firm is to shut down if: (A) P > AVC (B)P<AVC (C)P> ATC (D) P< ATC
The short-run shutdown rule for a competitive firm is to shut down if: (A) P > AVC (B)P<AVC (C)P> ATC (D) P< ATC
Subject:EconomicsPrice: Bought3
The short-run shutdown rule for a competitive firm is to shut down if: (A) P > AVC (B)P<AVC (C)P> ATC (D) P< ATC. 9. The long-run exit rule for a competitive firm is to exit the industry if: (A) P> AVC (B)P<AVC (C)P> ATC (D) P<ATC 10. Assume the table shown is for a hat factory, and shows the total production of hats given various numbers of employees. What is the marginal product of the fifth worker? Labor 0 1 2 Total Output 0 10 50 110 160 200 230 3 4 5 6 7 8 255 275 290 300 10 11 305 (A) 40 (B) 50 (C) 30 (D) 200 11. In the long run, firms will enter a perfectly competitive market or a monopolistic competitive market if the existing firms are making: (A) a profit. (B) negative profits. (C) zero profits. (D) Any of these could be true.
