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Author Question: The Taste Freeze Ice Cream Company is a perfectly competitive firm producing where MR = MC. The ... (Read 192 times)

newyorker26

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on: Apr 19, 2019

Question 1

As long as price is sufficient to cover ________, the firm is better off by operating rather than by shutting down.


◦ marginal cost
◦ average fixed cost
◦ average variable cost
◦ marginal revenue

Question 2

The Taste Freeze Ice Cream Company is a perfectly competitive firm producing where 
MR = 
MC. The current market price of an ice cream sandwich is $5.00. Taste Freeze sells 200 ice cream sandwiches. Its 
AVC is $8.00 and its 
AFC is $3.00. What should Taste Freeze do?


◦ Continue to produce because price exceeds 
AFC.
◦ Shut down and produce zero sandwiches because price is less than 
AVC.
◦ Decrease production so that 
AVC will decrease.
◦ Increase production so that 
AFC will decrease.
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
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Marked as best answer by newyorker26 on Apr 19, 2019

leahm14

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Reply #1 on: Apr 19, 2019
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newyorker26

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Reply #2 on: Apr 19, 2019
Excellent


leahm14

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Reply #3 on: Apr 19, 2019
Great! Please up vote :D


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