If a manufacturer shuts down in the short run, it must be true that before the shutdown, at all positive output levels,
a. average total cost was less than average variable cost
b. fixed cost was greater than total revenue
c. variable cost was greater than total revenue
d. profit was zero
e. total cost plus total revenue was less than profit
Question 2
Eli Whitney III receives a patent for the rayon gin, a product for which there are no close substitutes. Eli will maximize his profit when
a. MR is maximized
b. MR = MC
c. MR > MC
d. MR < MC
e. P = MR > MC
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Experiments showing that long- or short-day plants flower in response to night length. Each horizont