A monopolistically competitive firm shuts down in the short run ...

[jlmhmf]

A monopolistically competitive firm shuts down in the short run if ________.
 
  A) marginal revenue equals marginal cost
  B) total revenues do not cover variable costs
  C) marginal revenue covers average fixed costs
  D) average total cost exceeds price

Question 2

A production function establishes the relationship between:
 
  A) the market price of a good and the sales revenue generated.
  B) the quantity of output produced and the firm's profit.
  C) the quantity of inputs used and the quantity of output produced.
  D) the market price of a good and the quantity of output supplied.

[14vl19]

Answer to Question 1

B

Answer to Question 2

C

[jlmhmf]

Thank you

[14vl19]

Happy to help you