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Author Question: Which of the following does not characterize a perfectly competitive firm that has shut down in the ... (Read 23 times)

misspop

  • Hero Member
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  • Posts: 540
on: Jun 30, 2018
Which of the following does not characterize a perfectly competitive firm that has shut down in the short run?
 a. total revenue equals zero
  b. variable costs equal zero
  c. the firm suffers a loss
  d. fixed cost is positive
  e. fixed cost is zero

Question 2

Irving R. Associates is granted a patent for a new product for which there are no close substitutes. Which of the following must be true at the profit-maximizing quantity?
 a. Price is equal to marginal cost.
  b. Average revenue is equal to marginal cost.
  c. Marginal revenue is positive.
  d. Marginal revenue is less than marginal cost.
  e. Price is greater than average revenue.


jackie

  • Sr. Member
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  • Posts: 324
Reply #1 on: Jun 30, 2018
Answer to Question 1

E

Answer to Question 2

C


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