Author Question: If a perfectly competitive firm operates in the short run and expands in the long run, then the ... (Read 28 times)

OSWALD

  • Hero Member
  • *****
  • Posts: 580

Question 1

If 
TR < 
TVC, a firm would ________ in the short run and ________ in the long run.


◦ operate; expand
◦ operate; exit the industry
◦ not operate; expand
◦ shut down; exit the industry

Question 2

If a perfectly competitive firm operates in the short run and expands in the long run, then the firm's short run condition is


TR 
TC.
TR >
TVC and 
TR 
TC.
TR 
TVC.
TR 
TFC.


zogaridan

  • Sr. Member
  • ****
  • Posts: 328

Answer 1

shut down; exit the industry

Answer 2

TR 
TC.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

In 2010, opiate painkllers, such as morphine, OxyContin®, and Vicodin®, were tied to almost 60% of drug overdose deaths.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

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?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

For a complete list of videos, visit our video library