Suppose the price of a product is less than its average variable cost. When the firm's fixed obligations are completely ended, it will now most likely:
a. make an economic profit.
b. go out of business.
c. expand to a bigger operation.
d. continue to be shut down.
e. break even.
Question 2
In order to prove that Dr. Pepper and 7-Up are substitutes, the FTC should test the ____ and get a ____.
a. price elasticity of demand; number less than 1
b. income elasticity; positive number
c. price elasticity; negative number
d. price elasticity of demand; number greater than 1
e. cross-price elasticity; positive number
An example of a homeostatically controlled variable: blood levels of glucose in a human.
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