Question 1
Billy Bob's Fertilizer Engineers, a perfectly competitive firm, is incurring a loss, but the price is still above minimum average variable cost. Then in the short run this firm should ________, and in the long run, if there is no change in economic conditions, this firm should ________.
◦ shut down; exit the industry
◦ shut down; expand
◦ produce where
MR =
MC; exit the industry
◦ produce where
MR =
MC; expand
Question 2
A firm is earning an economic profit. In the short run the firm should ________. In the long run the firm should probably ________.
◦ shut down; expand
◦ produce where
MC =
MR; leave the industry
◦ produce where
MC =
MR; expand
◦ shut down; exit the industry
The features found in a long bone.
Long Term Control Medications
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economic question