This topic contains a solution. Click here to go to the answer

Author Question: If price is less than the average variable cost, firms that seek to maximize profit should shut ... (Read 97 times)

faduma

  • Hero Member
  • *****
  • Posts: 528
If price is less than the average variable cost, firms that seek to maximize profit should shut down.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

As extraction of a nonrenewable resource increases, the supply curve shifts up because:
 a. more substitutes become available.
  b. competition among the existing suppliers intensifies.
  c. the marginal cost of extracting any given amount increases.
  d. the resource finds alternative usage.
  e. the resource becomes less productive.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

manuelcastillo

  • Sr. Member
  • ****
  • Posts: 304
Answer to Question 1

True

Answer to Question 2

c




faduma

  • Member
  • Posts: 528
Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review


Jsherida

  • Member
  • Posts: 314
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

Did you know?

The first successful kidney transplant was performed in 1954 and occurred in Boston. A kidney from an identical twin was transplanted into his dying brother's body and was not rejected because it did not appear foreign to his body.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Did you know?

Hyperthyroidism leads to an increased rate of metabolism and affects about 1% of women but only 0.1% of men. For most people, this increased metabolic rate causes the thyroid gland to become enlarged (known as a goiter).

Did you know?

The human body's pharmacokinetics are quite varied. Our hair holds onto drugs longer than our urine, blood, or saliva. For example, alcohol can be detected in the hair for up to 90 days after it was consumed. The same is true for marijuana, cocaine, ecstasy, heroin, methamphetamine, and nicotine.

Did you know?

Medication errors are more common among seriously ill patients than with those with minor conditions.

For a complete list of videos, visit our video library