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Author Question: A firm will shut down in the short run if at the profit-maximizing quantity, ___________. A. ... (Read 43 times)

rachel9

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on: Jun 29, 2018
A firm will shut down in the short run if at the profit-maximizing quantity, ___________.
 
  A. total revenue is less than total cost
  B. marginal revenue is less than average fixed cost
  C. average total cost exceeds the market price
  D. marginal revenue is less than average variable cost

Question 2

What is the labor theory of value?
 
  What will be an ideal response?


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ErinKing

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D The firm's shutdown point is when price equals the minimum average variable cost.

Answer to Question 2

The labor theory of value is the theory that the value of a commodity depends only on the amount of labor required to produce it.


rachel9

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

matt95

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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