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Author Question: If price is equal to short-run average variable cost, this price is known as a. the break-even ... (Read 46 times)

Themember4

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on: Jul 1, 2018
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.


nicoleclaire22

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Reply #1 on: Jul 1, 2018
Answer to Question 1

c

Answer to Question 2

c


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