Ben's Peanut Shoppe suffers a short-run loss. Ben will not choose to shut down if
A) his Shoppe's total revenue exceeds his capital costs.
B) his Shoppe's total revenue exceeds his implicit costs.
C) his Shoppe's total revenue exceeds his fixed cost.
D) his Shoppe's total revenue exceeds his variable cost.
Question 2
A situation in which each firm chooses the best strategy given the strategies chosen by other firms is called a
A) payoff matrix. B) collusion. C) dominant strategy. D) Nash equilibrium.