If price is equal to short-run average variable cost, this price is known as
a. the break-even price.
b. the profit-maximizing price.
c. the shutdown price.
d. the revenue-maximizing price.
Question 2
Which of the following conditions would result in the short run marginal cost curve not correctly reflecting the supply behavior of a profit maximizing firm?
a. The firm is a price taker.
b. Price exceeds average total cost.
c. The elasticity of demand facing the firm is 3.
d. the firm can vary several inputs in the short run.
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