Author Question: In the short run, a firm should shut down if its economic loss from operating exceeds its total ... (Read 78 times)

folubunmi · **on:** Jun 30, 2018

In the short run, a firm should shut down if its economic loss from operating exceeds its total fixed cost.
a. True
b. False
Indicate whether the statement is true or false

Question 2

John loves to travel. He would never turn down the opportunity to go on a trip. This means that, for John:
a. the total utility of travel always increases.
b. marginal utility of travel never decreases.
c. the law of diminishing marginal utility does not apply to travel.
d. marginal utility of travel is always zero.
e. extra travel yields zero consumer surplus.