Author Question: Firms in a perfectly competitive market usually enter or leave an industry in the short-run and not ... (Read 92 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?

The word drug comes from the Dutch word droog (meaning "dry"). For centuries, most drugs came from dried plants, hence the name.

Did you know?

Anti-aging claims should not ever be believed. There is no supplement, medication, or any other substance that has been proven to slow or stop the aging process.

Did you know?

Asthma attacks and symptoms usually get started by specific triggers (such as viruses, allergies, gases, and air particles). You should talk to your doctor about these triggers and find ways to avoid or get rid of them.

Did you know?

More than 50% of American adults have oral herpes, which is commonly known as "cold sores" or "fever blisters." The herpes virus can be active on the skin surface without showing any signs or causing any symptoms.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

For a complete list of videos, visit our video library