Author Question: Firms in a perfectly competitive market usually enter or leave an industry in the short-run and not ... (Read 72 times)

gbarreiro

  • Hero Member
  • *****
  • Posts: 566
Firms in a perfectly competitive market usually enter or leave an industry in the short-run and not in the long-run.
  Indicate whether the statement is true or false

Question 2

When revenue is less than total cost but more than variable cost it implies that:
 a. the firm is enjoying positive economic profits.
  b. the firm is earning normal profits.
  c. the firm can cover its variable cost and a part of its fixed costs.
  d. the firm is unable to cover its costs and should shut down.
  e. the firm is able to cover both its fixed and variable costs.



ebenov

  • Sr. Member
  • ****
  • Posts: 331
Answer to Question 1

F

Answer to Question 2

c



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

It is widely believed that giving a daily oral dose of aspirin to heart attack patients improves their chances of survival because the aspirin blocks the formation of new blood clots.

Did you know?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

Many people have small pouches in their colons that bulge outward through weak spots. Each pouch is called a diverticulum. About 10% of Americans older than age 40 years have diverticulosis, which, when the pouches become infected or inflamed, is called diverticulitis. The main cause of diverticular disease is a low-fiber diet.

For a complete list of videos, visit our video library